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.