Italian swaps scrap grips Europe

Historic ruling that gave hope to municipalities and state-owned entities across Europe saddled with massive swaps liabilities may be overturned

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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