December 19, 2012 / 2:25 PM / in 5 years

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.

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