Deutsche Bank Says Italian City Agreed Interest Rate Swaps

Law360, London (June 13, 2019, 3:53 PM BST) -- Deutsche Bank has hit back at an attempt by an Italian city to claw back money allegedly owed under €20 million ($22.5 million) in interest rate swap deals, telling a London court that the agreements were lawfully approved by the community's finance director and did not need authorizing by local politicians.

The London subsidiary of the German lender defended the validity of its swaps deals with Comune di Busto Arsizio in a filing on June 7 at the High Court, arguing that they were lawful under both Italian and English law. 

The bank is seeking a court declaration that it is not to blame...

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