Sunday, 5th July 2009

 

5 January 2009 - Press Briefing

UBS faces lawsuit threat over Italian bond liabilities

UBS could be among many high-profile banks that could be ensnared in lawsuits over lending deals with Italian local governments, according to a report in The Daily Telegraph, London.

It is believed that Italian authorities could be facing liabilities of €35bn ($48.6bn) relating to bonds they issued in the 1990s, which could turn into Italy's biggest financial fraud since the Parmalat scandal.

Milan has said it is weighing legal action against a group of lenders - Deutsche Bank, JPMorgan, UBS and Depfa - that struck a deal to help the government manage repayments on €1.7bn of bonds it acquired to fund public spending.

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