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...

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