Italian swaps scrap grips Europe

Dexia Crediop wins right to appeal against Italian city of Prato over €6.5 million swap claim

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Prato ruling could determine the outcome of similar legal tussles across Europe

The Italian city of Prato became the unlikely hero of public bodies across Europe in June when it bested Dexia Crediop bank in a fiendishly complex derivatives dispute in the High Court of Justice of England and Wales. The bank was seeking €6.5 million ($7.2 million) from Prato for sums it claims should have been paid to it relating to a structured swap struck between the parties in 2006. But after an 18-day trial in 2014, and almost a year of waiting, Prato won the day on a technical issue.

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