Business

Judge Orders Banks to Trial Over Derivatives in Italy

Malaysian Mirror - AFP
MILAN -- A judge in Milan ordered banks JPMorgan, Deutsche Bank, Depfa, UBS and 13 people to stand trial for alleged fraud in the sale of derivative instruments, the prosecutor told AFP on Wednesday. "JPMorgan, Depfa, Deutsche Bank and UBS have been ordered to stand trial for fraud along with 11 of their managers and two former Milan city officials," said Alfredo Robledo, a prosecutor at the Milan court. The four banks allegedly hid the risks in the derivative financial products they sold to the city of Milan while restructuring its debt, promising that the products would save the city money. All the banks involved deny any wrongdoing.
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Posted by Editor at March 18, 2010 02:32 AM