Sicily Hit With Suits From BofA, UniCredit Over Unpaid Swaps

Law360, London (September 8, 2020, 5:39 PM BST) -- The island of Sicily was hit with two separate suits from Bank of America and UniCredit over money allegedly owed under interest rate swap transactions that the Italian region took out to restructure its heavy debt load.

Dublin-based Bank of America Merrill Lynch International Bank DAC and Italian giant UniCredit SpA sued Sicily for €239,000 ($282,000) and €77,000 respectively. The lenders said that the autonomous Italian region owes them the cash under interest rate swap transactions that turned negative, meaning that Sicily ended up being liable to pay out under the securities.

Bank of America said in its newly public July...

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