UBS, Deutsche dealt new blow by Italy fraud verdict

An Italian court has found Deutsche Bank, Depfa Bank, JP Morgan and UBS guilty of fraud for mis-selling derivatives to Milan that could set a precedent for hundreds of local governments to pursue.

The court ordered the seizure of just under 90 million euros from the lenders which were each fined 1 million euros (US$1.3 million). Nine bank employees were handed suspended jail sentences of up to eight months.

via Business feed http://www.scmp.com/business/banking-finance/article/1109062/ubs-deutsche-dealt-new-blow-italy-fraud-verdict