On Air Now

Tune in to Listen

93.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
59° Feels Like: 59°
Wind: WSW 8 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Thunderstorms 64°

Tonight

Scattered Thunderstorms 55°

Tomorrow

PM Thunderstorms 66°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Monte Paschi says lawsuit versus Nomura, Deutsche Bank well founded

People are reflected in the window of a Monte Dei Paschi Di Siena bank in Rome January 29, 2013. REUTERS/Max Rossi
People are reflected in the window of a Monte Dei Paschi Di Siena bank in Rome January 29, 2013. REUTERS/Max Rossi

SIENA, Italy (Reuters) - A lawsuit by Italy's Monte dei Paschi di Siena against Nomura <8604.T> and Deutsche Bank over loss-making derivatives deals is well founded, the bank's chairman said on Monday.

The Tuscan lender is seeking 1.2 billion euros in compensation from former executives and the two investment banks over two trades that exacerbated a capital shortfall and brought it close to collapse.

Monte Paschi Chairman Alessandro Profumo told reporters his bank's lawsuit had not been weakened by a judge ruling on Friday which rejected a seizure order against Nomura made by Siena prosecutors.

"We consider our compensation claim well founded." Profumo said, declining to comment further on the judge's ruling.

(Reporting By Silvia Aloisi and Stefano Bernabei, editing by Stephen Jewkes)

Comments