After Milan: how Italian law treats muni swaps

Dealers in Italy run risk of “unpredictable legal conflicts”, warn lawyers at Norton Rose

The 2012 Milan court case established a series of precedents

Ilario Giangrossi is a partner, and Chiara Bicci is a senior associate, in the Milan office of global law firm, Norton Rose Fulbright

Recent Italian derivatives cases have highlighted some tough challenges for international banks in the market. Part of the problem is the domestic judicial system's three-tier structure, which means legal disputes can often drag on for years, encompassing multiple rulings – by local courts, courts of appeal and, finally, the Supreme Court – before a final decision

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