Italian Lenders Sue Venice Over Interest Rate Swaps
Law360, London (September 13, 2019, 4:06 PM BST) -- One of Italy's largest banking groups and an Italian public-sector financier have sued Venice's government in London to enforce the terms of an agreement restructuring the city's debts on the eve of the last financial crisis.
Banca Intesa Sanpaolo SpA and Dexia Crediop SpA hit Venice with a derivatives claim in the High Court on Aug. 15, seeking declarations that their interest rate swap transactions are valid under Italian law.
The banks argue that the city had the authority to sign and deliver the transactions and had obtained the necessary permission to enter the agreements.
The lenders said the city "was acting for...
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