Milan lost an estimated $100 million in a complex interest rate swap deal with four banks in the run-up to the financial crisis. But the city fought back in the Italian courts, becoming among the first to file criminal fraud charges against the banks over municipal derivative losses under an Italian law that lets prosecutors file quasi-criminal charges against companies and their managers.
A Milan judge overseeing the criminal case found all four banks JPMorgan Chase & Co., UBS AG, Deutsche Bank AG and Depfa Bank Plc. guilty of aggravated fraud, fining each $1.32 million and confiscating a total of $116 million in profits from the transactions.
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