Sicily Says Deal With Nomura Is Void In €938K Swap Suit

Law360, London (February 17, 2021, 3:19 PM GMT) -- Lawyers for Sicily's government have told a London court that Nomura can't collect more than €938,000 ($1.1 million) in negative interest payments because the deal it arranged to restructure the region's debt violated Italy's financial rules.

Sicily's case, set out in a recently public High Court defense and counterclaim, is that the swap transaction it entered into with the bank was "null and void" because it was not signed off by the region's legislative body. Instead the region's government says it should be able to recover the payments it made to the banks between 2009 and 2020.

According to Sicily's defense, the...

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