Consumer advice center is suing Sparkasse Barnim because of incorrectly calculated interest rates

Consumer advice center is suing Sparkasse Barnim because of incorrectly calculated interest rates

According to a report by www.rbb24.de,

The trial against Sparkasse Barnim begins on Wednesday, December 14th, in which the Brandenburg consumer advice center is suing the financial institution for incorrect interest payments. Around 200 customers have already joined the lawsuit, and similar allegations are also being made against other savings banks in Brandenburg.

The model declaratory action filed by the Brandenburg consumer advice center aims to obtain a judgment that corrects the calculation of interest for the affected long-term “premium savings flexible” contracts. This model declaratory action could also be important for other legal proceedings, as a judgment can be used to determine what interest must be applied.

According to Erk Schaarschmidt from the Brandenburg consumer advice center, there was no alternative to the lawsuit because the savings bank had rejected out-of-court settlements and had not made any concessions. The Sparkasse itself did not want to comment on this ongoing process. In addition to the lawsuit against Sparkasse Barnim, model declaratory actions were also filed against Sparkasse Spree-Neiße and Sparkasse Märkisch-Oderland.

The outcome of the proceedings against Sparkasse Barnim will have an impact on all affected customers as well as on similar proceedings against other savings banks in Brandenburg.

It remains to be seen how the Brandenburg Higher Regional Court will decide and to what extent the model declaratory action will help the affected customers correct their interest rates.