Italy seeks derivatives trial for banks-sources

Thu Nov 12, 2009 11:07am GMT
 
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MILAN, Nov 12 (Reuters) - An Italian prosecutor asked that four banks and 13 people be tried for aggravated fraud over derivatives from a 1.68 billion euro bond by the city of Milan, a court source said on Thursday.

The banks are JPMorgan Chase & Co JP.N, Deutsche Bank (DBKGn.DE), the London unit of Switzerland's UBS (UBSN.VX) and the Dublin unit of Germany's Depfa, according to a court document seen by Reuters.

The 13 people are bank officials and former Milan city employees. The banks are asked to stand trial as they are held responsible for not having put checks in place able to avoid miscondut by employees. Banks had no immediate comments.

(Reporting by Milan newsroom, 39 02 6612 9507)

 

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