Four top IB’s face Milan court
(19 March 2010 – Europe) Four of the world’s major investment banks are set to stand trial over the alleged fraudulent sale of derivatives, earning them around €100 million (A$148 million) in ‘illicit profits’.
The banks to face the Milan court, UBS, Deutsche Bank, JPMorgan Chase and Depfa Bank, have all issued separate statements denying any wrong doing; adding that they would defend the charges alleging the fraudulent sale of the derivatives on a €1.68 billion (A$2.5 billion) bond, The Australian reported.
In an interview with the Dow Jones Newswires, Alfredo Robledo, case prosecutor, said the banks are going to trial.
The banks are accused of earning the ‘illicit’ profits from irregularities in the sale of derivatives linked to a bond issue by the City of Milan, conducted between 2005 and 2007, The Australian reported.
The prosecutor for the case added that this will be the first time in the world that banks have had to stand trial for the sale of derivatives to municipalities.
The hearing scheduled to begin on the 6th May, 2010, is the result of a two year investigation leading to the seizure of €476 million in assets by Italian police.
In an interview with the Dow Jones Newswires, Alfredo Robledo, case prosecutor, said the banks are going to trial.
The banks are accused of earning the ‘illicit’ profits from irregularities in the sale of derivatives linked to a bond issue by the City of Milan, conducted between 2005 and 2007, The Australian reported.
The prosecutor for the case added that this will be the first time in the world that banks have had to stand trial for the sale of derivatives to municipalities.
The hearing scheduled to begin on the 6th May, 2010, is the result of a two year investigation leading to the seizure of €476 million in assets by Italian police.
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