Banks found guilty in Italy's landmark derivatives trial
MILAN Dec 19 (Reuters) - An Italian court ruled on Wednesday that Deutsche Bank, UBS, JP Morgan and Depfa Bank were guilty of aggravated fraud for misselling derivatives to the city of Milan.
The trial, the first of this kind in Italy, was seen as a litmus test for hundreds of local governments facing big losses from complex financial contracts.
Deutsche Bank said it believed it had done nothing wrong and would appeal against the ruling.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video