The Milan Court of Appeal acquitted Ubs, Deutsche Bank, Depfa Bank and Jp Morgan, all four banks accused of derivatives fraud against the Municipality of Milan. The judges overturned the sentence with which in the first instance the four banks had been sentenced to pay a fine of one million euro and to confiscate 89 million euro, with the accusation that they had violated the law on the administrative liability of entities.
The judges of the Milan Court of Appeal acquitted both the banks and the nine bank executives convicted in the first instance, at the conclusion of the second instance trial for fraud on derivative contracts stipulated by Palazzo Marino, "because the fact does not exist".
