Deutsche Bank Sues Sicily Over Unpaid Swap Interest

Law360, London (June 22, 2020, 5:53 PM BST) -- Deutsche Bank is suing the government of Sicily in London to enforce the terms of an agreement restructuring the city's debts, marking the latest in a series of suits brought to the U.K. over swaps between lenders and European state-run bodies.

The German lender hit Regione Siciliana — which consists of Sicily and its surrounding islands — with a derivatives claim in the High Court seeking declarations that two interest rate swap transactions are valid under Italian law.

Deutsche Bank AG argues that the city had the authority to sign and deliver the transactions and had obtained the necessary permission to...

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