MILAN (Dow Jones) – Due to the alleged sale of fraudulent derivatives must answer four banks in Italy before the court. These include the Swiss UBS AG, the German Bank AG, Depfa Bank and the U.S. Department JP Morgan Chase, as prosecutor Alfredo Robledo on Wednesday to Dow Jones Newswires said.
The banks are alleged to have earned around 100 million euro to illegal means. In the sale of derivatives that are associated with a bond of the City of Milan, will have occurred from 2005 to 2007 irregularities. "It’s the first time that banks are selling derivatives to municipalities because of a court," said prosecutor further Robledo. According to an informant Judge Simone Luerti beside the banks want 13 people to court. This includes eleven bank employees and two former employees of the city. The hearings begin on 6 May. As early as last April, the Italian tax police as part of its lasting more than two years investigation in the volume of assets of EUR 476 million had been confiscated from the banks.
In independent communications, the banks denied any errors and announced that they would defend themselves. "(…) We are confident that the process will strengthen our legal position," said JP Morgan. "Our employees are involved in the transaction acted very professionally and appropriately."
Also, UBS is not aware of a fraud. "The banks have not made illegal profits," said the Swiss. Received recruitment fees were justified and not been kept secret from the city.
She was confident that its staff had acted in integrity of the transaction, told the German Bank AG. A spokeswoman for Depfa Bank said it was confident neither against the law or infringed a rule to have.
Websites: www.db.com
www.ubs.com
www.jpmorgan.com
www.depfa.com
-By Alessandro Mocenni and Gilles Castonguay, Dow Jones Newswires
+49 (0)69 29725 104, unternehmen.de @ dowjones.com
(Sabrina Cohen in Milan contributed to this article.)
DJG / DJN / ebb / jhe / sch
