June 19, 2018 / 5:30 PM / a month ago

Italian prosecutor appeals against Morgan Stanley case ruling

ROME (Reuters) - Italian prosecutors said on Tuesday they would appeal against a decision by an administrative court not to hear a case over derivatives that targeted Morgan Stanley .

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File Photo

The case centres on Morgan Stanley derivative transactions made by the Italian state between 1995 and 2005 and terminated in December 2011 and January 2012.

The prosecution had asked for 2.7 billion euros ($3.1 billion) in damages from the U.S. investment bank, but in a ruling published last week, the Court of Accounts said it did not have the jurisdiction to take the case.

Morgan Stanley has denied any wrongdoing and its lawyers have argued that a civil court should have jurisdiction over proceedings.

Reporting by Domenico Lusi; editing by Crispian Balmer

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