MILAN, March 11 Japanese bank Nomura is
seeking to establish British jurisdiction for its dispute with
Monte dei Paschi di Siena over risky derivatives
trades, a source close to the matter said on Monday.
Nomura began proceedings in Britain's High Court on March 1,
the same day that Italy's scandal-hit Monte dei Paschi filed a
damages claim in a Florence court, the source said, speaking on
condition of anonymity.
The source added that Nomura is asking the court to declare
that the "contracts are valid", a move aimed at ensuring that
any legal dispute will be settled in London rather than Italy.
Both Nomura and Monte dei Paschi declined to comment.
The Italian bank, which is at the centre of a probe into
alleged corruption and fraud, is seeking at least 700 million
euros ($909 million) in damages from Nomura and two former Monte
dei Paschi executives, a judicial source told Reuters last week.
Monte dei Paschi, the world's oldest bank and Italy's
third-biggest, is also seeking damages of at least 500 million
euros from Deutsche Bank and the same former managers
over a separate derivatives deal.
Italian prosecutors say that the derivative trades with
Nomura and Deutsche Bank were not fully disclosed to regulators
by former Monte dei Paschi executives as they sought to conceal
The bank in February put total losses from those two deals
and one other at 730 million euros relative to its 2012 net