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Daily Digit: Monte Paschi's damages bid

Thursday, March 07, 2013 - 01:06

Mar.07 - Italy's Monte dei Paschi is reportedly seeking damages of at least 1.2 billion euros from two former executives and investment banks Nomura and Deutsche Bank over derivative trades. Ciara Sutton reports.

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1.2 billion euros is today's daily digit in Europe. It's the amount the world's oldest bank is reportedly seeking in damages after a derivatives trading scandal. Reuters has been told Monte dei Paschi will sue investment banks Nomura and Deutsche Bank, along with Giuseppe Mussari - a former chairman of Monte Paschi and Antonio Vigni - a former director. An investigation was launched at the Italian lender after the loss of hundreds of millions of euros through risky investments and complex financial deals. The bank needed a multi-billion-euro bailout from the state to cover the losses, and now it wants Nomura and Deutsche to pay for their part in the scandal. The news comes as the chairman's former assistant and bank spokesman, David Rossi, was found dead at Monte dei Paschi headquarters. He was one of several employees whose homes were searched last month. He's said to have died after jumping from his office window. The probes into Monte dei Paschi were a major issue in last month's election, due to the bank's close ties to Italy's centre-left Democratic party.

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Daily Digit: Monte Paschi's damages bid

Thursday, March 07, 2013 - 01:06