Poste Italiane to sue JP Morgan

New Angles

Two months after Risk broke the story of Poste Italiane’s derivatives losses as a result of exotic transactions with JP Morgan Chase and other banks, the Italian state-owned post and financial services giant is suing the US bank for €40 million.

The dispute (Risk April 2004, page 40) hinges on the relationship between Poste’s Rome-based former finance director Massimo Catasta and JP Morgan Chase’s corporate derivatives marketing team. PricewaterhouseCoopers had uncovered a mark-to-market

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