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