Italian court convicts Deutsche Bank, Nomura in Monte Paschi derivative trial

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MILAN (Reuters) – An Italian court has convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi di Siena over derivative deals that prosecutors say helped the Tuscan bank hide losses in one of the country’s biggest financial scandals.

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo

The verdict, read in court on Friday by lead judge Lorella Trovato, also ordered fines and asset seizures worth a total of 68 million euros ($62 million) from Deutsche Bank (DBKGn.DE) and 91.5 million euros from Nomura (8604.T).

Monte dei Paschi reached a settlement with the court over the case in 2016 at a cost of 10.6 million euros.

The case centres on two complex derivatives transactions – known as Alexandria and Santorini – that Nomura and Deutsche Bank arranged for Monte dei Paschi in 2009.

Prosecutors said the deals helped Monte dei Paschi, which was founded in 1472 and is Italy’s fourth biggest lender,…



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