Italian Lenders Put €125M Price Tag On Swaps In Venice Suit

Law360, London (December 3, 2019, 6:20 PM GMT) -- Italian financial giants Banca Intesa and Dexia have revealed that the derivatives over which they are suing the city of Venice are worth €125 million ($139 million) after the city lodged its own suit in Italy to recover the money it paid as part of the deal.

Banca Intesa Sanpaolo SpA and Dexia Crediop SpA are suing the Venetian government at the High Court in London to enforce the terms of a derivative contract to restructure the city’s debts that originated on the eve of the financial crisis.

The lenders are seeking declarations that their interest rate swap transactions are valid...

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