BLBG: Deutsche Bank, UBS Convicted by Milan Judge for Role in Fraud
Deutsche Bank AG (DBK), JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Depfa Bank Plc were convicted by a Milan judge for their role in overseeing fraud by their bankers in the sale of derivatives to the city of Milan.
The banks had been on trial since May 2010, accused of defrauding Milan by hiding how much they made on the derivatives. The companies had denied the charges and settled with the city government in March, agreeing to unwind interest- rate swaps, which adjusted payments on 1.7 billion euros ($2.3 billion) of bonds sold by the city in 2005.
To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net
To contact the editor responsible for this story: Simone Meier at smeier@bloomberg.net
