Spain passes law to help clients claim back abusive mortgages from banks

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The Spanish government approved a decree on Friday that gives banks three months to reach a settlement with clients who were sold mortgages with abusive interest rate floors.

The goal is to prevent courts from being flooded with lawsuits after the European Court of Justice last month ruled lenders must reimburse mortgage customers with so-called “floor clauses”, Economy Minister Luis de Guindos told a …