Deutsche Bank Fights Italian City's Challenge To €20M Swaps

Law360, London (July 13, 2021, 7:42 PM BST) -- Deutsche Bank AG told a judge Tuesday that an Italian city seeking to recover money under €20 million ($23.6 million) in interest rate swaps cannot rely on a recent decision by Italy's highest court suggesting local governments lacked authority to enter into "speculative" derivatives.

Deutsche Bank has told the High Court in London that the transactions Busto Arsizio entered into with the lender — to restructure €70 million ($83 million) in borrowing and to hedge interest rate risk — were permitted under Italian law. (iStock) Arguments from the city of Busto Arsizio, citing a 2020 Italian Supreme Court decision in a...

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