Italian Banks Seek Damages In Venice Swaps Dispute

Law360, London (March 29, 2021, 2:53 PM BST) -- Two Italian lenders have fought back against a claim by the city of Venice that it should not have to pay for €125 million ($147 million) in securities deals because it was not authorized to sign them off, saying that the municipality owes them damages if this is the case.

Banca Intesa Sanpaolo SpA and Dexia Crediop SpA told the High Court in an amended claim form filed on Thursday that Venice should not be allowed to argue that the €125 million in securities at the heart of the case are void. The banks sold the securities to Venice as part...

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