It is only misleading to say "95% fat free" if the product is not actually 95% fat free. Fat is a component of food, which can be quite easily measured through a nutritional analysis, so the claim can easily be validated or refuted.
However "95% fat free" not a claim that a particular food is healthy, it is just a claim about the nutritional breakdown of the food. Because it is not a health claim, it is not technically a misleading claim (even though it may mislead some people). For example, pure sugar is 100% fat free, as can be ascertained from the nutritional analysis, but this does not make it a health food.
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