The Budapest Classic Grand Prix was held for the 16th time on August 27, 2023. The vintage car heritage race was once again supported by the KRS Law Firm, which even started with its own car. The field of nearly 100 cars paraded through Budapest, then spectators had the opportunity to admire the 'rolling museum' in Szentendre, Esztergom, and Gödöllő. The prestigious and longstanding event concluded with an award ceremony, where our law firm's special awards were presented to the team competition winners.
This time, one of the clients of our office carried out an M&A transaction for the acquisition of a construction and development property worth four million euros. During the high-value transaction, KRS carried out the legal and financial screening of the target company, the representation of the buyer with regard to legal and tax aspects and the preparation of the transaction documents.
In a recently published decision, the National Authority for Data Protection and Freedom of Information (NAIH) imposed a fine of HUF 10 million (ca. EUR 27,000) on TV2 due to the improper use of internet cookies.
In a recent legal case, the Court of Appeal examined the landlord's obligation to reimburse value added investments during the term of the lease.
Mainly in case of car accidents, it may happen that the insurance company not only compensates the victim of the accident or the entitled person in case of their death, but also reimburses the property damage of a third party on a settlement basis. However, the third party may have suffered not only financial damage, but also so-called non-financial damage, such as a mental condition or illness resulting from a psychological shock.
Two important elements of the European Union’s new digital regulatory package came into force at the end of 2022. The regulation for digital markets (Digital Markets Act) and the regulation for digital services (Digital Services Act) contain numerous new rules for companies operating in the digital space.
Below, we would like to draw the attention of employers to the additional rights of employees regarding termination and modification of employment contracts.
Artificial Intelligence (AI) appears in more and more areas of our daily life. Numerous sites use so called chatbots which –using AI- answer our questions, we can also encounter with „persons” powered by AI „who” try to direct us to the correct administrative pathway using short questions and our answers given to these during a call with a telephone customer service. But what happens if we suffer damages in situations like these due to potential misinformation or incorrect recommendation?
The United States has adopted a Presidential Executive Order implementing the EU-US data protection framework, following a ruling by the Court of Justice of the European Union (CJEU) two years ago that declared the Privacy Shield invalid.
Our firm provided legal advice to our client in connection with the buyout of a chatbot service company during a transaction worth half a billion forints. As a result of the transaction, one of the largest Hungarian venture capital investment funds bought out our client, who had participated as a financial investor until then.