COURT OF JUSTICE OF THE EU / Consumers

Transparency of ‘floor’ clauses in mortgage loans may be reviewed in context of collective action, rules CJEU

Brussels, 04/07/2024 (Agence Europe)

The transparency of ‘floor’ clauses in mortgage loans may be reviewed in the context of a collective action against the entire banking system of a Member State of the European Union, ruled the Court of Justice of the EU in a judgment handed down on Thursday 4 July (Case C-450/22).

In Spain, the Spanish Association of Users of Banks, Savings Banks and Insurance (ADICAE) brought a collective action against 101 financial institutions operating in the country to remove so-called ‘floor’...