Deutsche Bank Wins Italian City Swaps Case In London
By Christopher Crosby (October 12, 2021, 6:53 PM BST) -- An Italian city must keep making interest rate payments to Deutsche Bank AG after a London judge ruled Tuesday that the lender's swaps agreement was valid and binding in light of a recent decision by Italy's top court.
High Court Judge Sara Cockerill ruled the bank could enforce agreements from 2007 that restructured Busto Arsizio's €70 million debt and hedged the city's risk of interest rates rising.
The agreements are "valid and binding" following a 2020 Italian Supreme Court decision in a case involving the town of Cattolica, which established restrictions on the types of derivatives permissible under Italian law. ...
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