Venice Tries To Escape €125M Swaps Suit In London

Law360 (November 5, 2020, 12:16 PM EST) -- A lawyer for Venice urged a judge in London on Thursday to weaken efforts by two Italian financial giants to uphold €125 million ($148 million) worth of securities deals, saying the municipality isn't in breach of a pledge to honor the contracts in Italy.

Raymond Cox QC sought at a High Court hearing to strike out claims by Banca Intesa Sanpaolo SpA and Dexia Crediop SpA linked to the city's decision to sue in Italy to recover the money it paid restructuring debt from the financial crisis.

There is "not a breath" of a suggestion that the city agreed not to challenge the...

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