Top court rejects complaints over Quaestor law

Budapest (MTI) – Hungary’s Constitutional Court on Wednesday rejected about 60 complaints lodged against a law on compensation for investors who lost savings after the failure of independent brokerage Quaestor.

The complaints were lodged both by investors and investment service providers.

The court established in its review of the complaints that the matter is of “an exceptional nature” involving “state benefits made out of fairness”.

“For this reason, the legislator has a broad right of discretion pertaining to both the scope of eligibility, the size of the benefit and other conditions,” the court said in a statement after the decision.

The court did not find rules on eligibility for the compensation to be discriminatory, rather they were the product of “reasonable cause based on objective consideration”.

The law established a top-up fund to raise investors’ compensation over the existing insurance threshold.

Source: MTI