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Early Settlement for Hundreds of Victims of Cyprus Mortgage Mis-selling

Important and encouraging news has emerged in relation to numerous claims being brought by UK victims of property and mortgage mis-selling in Cyprus, with the settlement of an early batch of several hundred claims brought against Cyprus banks, developers and lawyers.

The cases were brought by hundreds of UK mis-selling victims against Alpha Bank Cyprus and more than 20 Cypriot property developers, agents and lawyers. The issue, which was due to be heard in early-June in the High Court in London, had been whether the English Courts have jurisdiction to determine such claims. It was being brought by Alpha Bank Cyprus, one of the banks accused of mis-selling mortgages. Alpha Bank and other Cypriot banks have a substantial interest in the cases being heard in Cyprus for various legal and tactical reasons.

Binding heads of agreement for the settlement were reached late on Friday the 6th of June. As a knock-on affect the many claims also brought by victims against a major Cypriot property developer, Alpha Panaretti, and its director have also been suspended.

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