Second-largest Spanish bank, BBVA, in what¬†has been described as a¬†landmark ruling,¬†has been found guilty of misleading advertising when offering customers foreclosed properties through printed publicity material.
The specific illegality refers to inserting a disclaimer at the bottom of the ads where it read as follows:
The information contained in this publicity¬†is not of a contractual nature as it¬†merely has informative purposes, being the promoter able to¬†freely modify the characteristics of the offer at any time.
According to the¬†Mercantile Court Number 2 in Madrid,¬†this advertising is illegal and has to be removed.
Also, the bank will have to¬†post rectifying publicity in all BBVA branch windows throughout the country.