Italian Waste Co. Dealt Setback In BNP Swaps Claim
Law360, London (September 11, 2020, 1:39 PM BST) -- A judge ruled on Friday that the owner of an Italian energy plant understood the risks of its €413 million ($490 million) loan with BNP Paribas, but found that the French lender was not necessarily immune to allegations of improperly selling an interest rate swap.
Judge Sara Cockerill said at the High Court that Trattamento Rifiuti Metropolitani did not rely on BNP for investment advice or promises. The company made an independent decision to sign on to a financing agreement and contract that hedged its interest rate payments to the lender, she said.
The transaction documents that the waste-to-energy plant operator...
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