Four banks face derivatives fraud charges in Italy

MILAN – Italian prosecutors have brought fraud charges against four banks selling derivatives to the city of Milan. They say the banks, Deutsche Bank, JP Morgan Chase, UBS and Depfa Bank (part of German government-owned Hypo Real Estate Holding), misled Milan’s local government on swaps that adjusted interest payments on €1.7 billion of state borrowing. The banks are also accused of taking €101 million in undisclosed fees on the bond, which was issued in 2005.

In April 2009, Italian police

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