Dexia official acquitted of alleged swaps fraud in Italy

City of Prato likely to appeal despite perjury claims

Dexia’s defence lawyers hope the verdict will discourage similar actions

A Dexia salesperson in Italy who was accused of aggravated fraud in relation to swaps struck with the City of Prato has been acquitted by an Italian criminal court, while the judge recommended the city’s accountant be investigated for perjury – a result Dexia’s defence lawyers hope will discourage municipalities in the country from launching similar actions.

The ruling, which was handed down by the Court of Prato yesterday (May 31), comes two weeks after the Belgian bank launched an effort to

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