Venice Can't Short-Circuit Lenders' €125M Swaps Lawsuit

Law360, London (November 9, 2020, 1:37 PM GMT) -- A judge in London ruled on Monday that it is not an abuse of process for two Italian lenders to seek to bolster their lawsuit in England against Venice in connection with a €125 million ($148 million) swaps deal by mentioning parallel proceedings taking place at Italy's top court.

High Court Judge Christopher Butcher rejected Venice's attempt to strike out references to some contracts and the Italian Supreme Court in the lawsuit against the municipality brought by Banca Intesa Sanpaolo SpA and Dexia Crediop SpA.

The lenders are seeking declarations in England that their interest rate swap agreement with Venice, which dates from...

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