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Major banks face derivatives fraud case in Italy

Updated - 18/3/2010 - bbc.co.uk.

 

Four major banks have been ordered to stand trial in Italy in a fraud case related to derivatives trading.

JP Morgan Chase, UBS, Deutsche Bank and Germany’s Depfa bank have been told they will be tried for aggravated fraud, along with 13 other people.

The charges relate to the sale of derivates to the city of Milan.

JP Morgan denied employees involved had acted inappropriately, while Deutsche and UBS also denied any wrongdoing. Depfa was not available for comment.

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Prosecutors say the trial, which is due to begin in May, is an important test case for hundreds of Italian cities who have lost money through similar deals.

 

news.bbc.co.uk/2/hi/business/8573068.stm

 

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