The Italian court also hit the financial institutions – New York-based JPMorgan Chase, Switzerland’s UBS, Germany’s Deutsche Bank and Dublin-based Depfa Bank – with profit confiscation orders totally some €88m, according to a report in the AmLaw Litigation Daily web site.

Directors convicted

Nine former bank officers and directors were found individually guilty of fraud and handed suspended prison sentences, while two others were acquitted.
The web site report says the case involved a $100m loss sustained by the City of Milan in complex interest rate swaps that went sour when the credit bubble burst four years ago. However, the case will grind on despite the Milan ruling, with at least one defendant, Deutsche Bank, reported to be committed to an appeal.

Heavyweight lawyers

The report highlights the legal heavyweights involved in the trial, with the prosecution led by ‘campaigning’ public prosecutor, Alfredo Robledo, who is renowned for resent prosecutions of Italy’s former prime minister, Silvio Berlusconi, on tax fraud charges.
Silvio Riolo, a former partner at the Italy office of global law firm Clifford Chance, who set up Studio Legale Riolo Calderaro Crisostomo, acted for JP Morgan; Studio Legale Bana acted for UBS; Deutsche Bank instructed the local office of London magic circle firm Allen & Overy; and Depfa instructed top Italian player NCTM.