Austrians who took out franc-denominated loans and faced higher repayments after the Swiss National Bank abolished its currency cap are suing the central bank for compensation. A local court in Vienna awarded an Austrian borrower compensation for a 13,000 euro (14,200) loss in a default judgment, according to the plaintiff’s lawyer, Clemens Pichler. The loss was realized when the client converted the loan into euros after the SNB abandoned the minimum exchange rate of 1.20 francs per euro on Jan. 15, 2015, he said. The SNB appealed and the case is now pending in a regional court in Vienna. The SNB’s decision to scrap ... (full story)