Italy appeals court overturns bank convictions

[JURIST] An Italian appeals court overturned the fraud oversight convictions of several banks on Friday. A lower court ruled that JPMorgan Chase & Co., Deutsche Bank AG, UBS AG and Depfa Bank Plc forced the city of Milan to enter into an interest-rate swap agreement that ended up costing the city millions when the banks sold derivatives on the bonds. The appeals court overturned [Bloomberg report] this conviction. The banks negotiated new interest rates and prices on the derivatives contracts...

Source: http://jurist.org/paperchase/2014/03/italy-appeals-court-overturns-bank-convictions.php

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