Sicily Fights Bank's Claim In Interest Rate Swaps Suit

Law360, London (April 1, 2021, 3:45 PM BST) -- Sicily's government has hit back at a lawsuit brought by one of the country's largest banks seeking to recover €126,000 ($147,000) that the region owes for interest rate swaps, saying the contracts for the swaps are void.

Regione Siciliana — Sicily and its surrounding islands — said in a defense and counterclaim filed at the High Court on Thursday that it should not have to pay Banca Nazionale del Lavoro SpA for the interest rate swaps it bought in the run-up to the 2008 financial crisis.

The regional government bought interest rate swaps after an attempt in the mid-2000s to restructure its mounting...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!