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March 1, 2010updated 12 Apr 2017 4:26pm

Handelsbanken Finans sued over interest rate hikes

Swedish local public transportation company Storstockholms Lokaltrafik (SL) is suing Handelsbanken Finans, Leasing Life has learned. Stockholm-headquartered SL has launched the legal action against Handelsbanken Finans, the leasing subsidiary of Stockholm-based Svenka Handelsbanken, for what it called an unjustified raise in interest rates in leasing agreements signed between the two companies.

By Antonio Fabrizio

Swedish local public transportation company Storstockholms Lokaltrafik (SL) is suing Handelsbanken Finans, Leasing Life has learned.

Stockholm-headquartered SL has launched the legal action against Handelsbanken Finans, the leasing subsidiary of Stockholm-based Svenka Handelsbanken, for what it called an “unjustified raise in interest rates” in leasing agreements signed between the two companies.

The two organisations signed leasing agreements for commuter trains, metro train cars and buses.

It is understood that the lessor raised interest rates “without justification” in 2008, triggering a legal reaction from the Swedish public transportation company, which is suing Handelsbanken for a total of SEK20 million (€2 million).

An SL spokesman said: “We had an agreement with Handelsbanken that we should pay interest of a certain level. But after this agreement was made, the bank raised the level of the interest.”

SL began its legal action against Handelsbanken at the end of August 2009, and it is believed that a court in Stockholm is about to start hearing the case, the spokesperson added.

A spokesperson for the Swedish lessor said: “Handelsbanken does not ever discuss the specific client matter with anyone but the client.”

He added: “What I can say is that it happens, from time to time, that we do have a disagreement with our clients, and in most cases we solve that disagreement.

“But on rare occasions we can’t find a solution.”

“We think in those cases it is good if a third independent party comes and looks at the matter to find a solution.”

Antonio Fabrizio

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