Nomura Says Italian Law Doesn't Stop Sicily Swap Suit

Law360, London (April 8, 2021, 4:58 PM BST) -- A Japanese investment bank has argued that the government of Sicily cannot rely on local Italian laws in a bid to avoid a lawsuit seeking almost €1 million ($1.2 million) brought to enforce the terms of an agreement that restructured the region's debts.

Nomura denies in documents filed at the High Court on Wednesday that any of the statutes or rules of Italian law would invalidate swaps deals it entered into with Regione Siciliana in 2005.

Sicily's case is that the London branch of Nomura cannot recover negative interest payments from the swap transaction as the deal failed to get the proper sign-off...

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