The Multi-member First Instance Court of Athens with its ruling number 1470/2015 vindicates once more the consumers-members of EKPIZO, dismissing the lawsuit of Ethniki Asfalistiki on ECU-clause contracts.
Specifically, after Ethniki’s imposed raise of insurance fees on contracts with ECU clause in 2006 and 2007 was claimed as illegal, following legal decisions issued on a past class action of EKPIZO, and after putting hundreds of insurees through the ordeal of depositing their insurance fees at the Deposits And Loans Fund, Ethniki Asfalistiki responded with a lawsuit against several of its insurees, asking the Court to include in the contracts in question a new re-adjustment clause, different than the ECU clause, which would allow Ethniki to increase the insurance rates further more than what had been agreed under the ECU clause.
Ethniki claimed that the contracts in question had become burdensome due to the ECU abolition, influx raise, medical care cost, and fixed rates of insurance fees – as a result of the legal decisions issued following EKPIZO’s past class action. The Multi-Member First Instance Court rejected all claims made by Ethniki as being vague, since in the specific lawsuit Ethniki had not presented all necessary evidence.
The main argument moved by Ethniki, that the Economic and Monetary Union of member states of the European Union and the adoption of the euro as national currency, which led to stop operating under ECU clause, – an unprecedented and unexpected event –, was also dismissed by the Court which claimed that Ethniki, one of the largest insurance companies disposing of expert scientific consultants, was aware at the time of signing the contracts that Greece was about to join the eurozone and that the ECU operation was going to cease.
Following this decision all insurees of Ethniki involved in the suit should continue to pay insurance fees in the same way as today since their contracts would not be altered.