Bankai sukčiauja

11 September 2012
UK-based banks accused of massive mis-selling in Italy

Several UK-based investment banks have been accused of mis-selling financial products to Italian cities and regions.

Nomura, UBS and Deutsche Bank are among those accused by Italian prosecutors of mis-selling derivatives in deals worth 35bn euros (£28bn).

The banks deny wrongdoing, but refused to comment further because the matter is now before the Italian courts.

BBC Newsnight discovered that London's financial watchdog was made aware of the mis-selling, but failed to act.

Now those Swap derivatives look as if they could further damage the entire Italian economy - the third largest in the eurozone.

July 2, 2014
Mis-Selling Derivatives: Milan Court Finds Four Global Banks Guilty

An Italian court ruled that Deutsche Bank, JP Morgan, UBS and Depfa Bank are guilty of mis-selling the Milan City Council an interest rate swap that lost it millions of euros in payments, in what is believed to be a landmark criminal case in Europe.

The litigation, dubbed the 'Milan Derivatives Inquisition,' found the four banks guilty of "aggravated fraud for mis-selling derivatives to the city of Milan" and fined each institution €1m ($1.3m / £800,000) and ordered a "total seizure of €87m." It may also pave the way for other government entities to tackle losses and claims of being mis-led or mis-sold complex financial contracts.

In addition, nine bank employees were handed suspended jail sentences of up to eight months,