ABN AMRO's response to lawsuit announced by mass claim organisation
'Stichting Massaschade & Consument' announced on 19 April 2024 that it wants to start a collective lawsuit against ABN AMRO. According to the mass claim organisation, the bank allegedly collected too much interest from SME clients with variable interest on their revolving credit. Various media are reporting on the matter this weekend.
ABN AMRO confirms that the bank has received letters from Stichting Massaschade & Consument. As far as ABN AMRO is concerned, the accusations are unfounded. The Stichting's claim is based on rulings of the Dutch Financial Services Complaints Authority (Kifid) that - according to ABN AMRO - do not apply to business SME clients. Moreover, ABN AMRO does not recognise the billions of euros in overpaid interest mentioned by the Stichting.
The announced collective lawsuit seems to focus mainly on the product 'OndernemersKrediet'. ABN AMRO discontinued this product in 2021 and is currently phasing out this portfolio. The number of complaints about this product has been limited over the years. We have resolved these complaints together with our clients, or are currently in touch with them about this.
For more information about OndernemersKrediet please go to (in Dutch only):
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ABN Amro Bank NV published this content on 19 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2024 00:26:18 UTC.