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Italy: Four Banks, 13 Individuals Face Trial in Milan Derivatives Case
JP Morgan, UBS, Deutsche Bank, and Depfa and 13 individuals face fraud charges.
Italy: Legislature Passes Law Establishing Class Actions, Effective January 2010
In Italy today, lawmakers approved the country’s first law establishing class action lawsuits. Reuters reports that the law, which becomes effective January 2010, has been criticized by consumer groups because it requires consumers “teaming up in class actions … to turn to the judge individually to request compensation, exposing them to possible costs and fines [...]
Italy: Parmalat founder sentenced to 10 years in prison for market manipulation
Calisto Tanzi, founder of Parmalat SpA, was sentenced to 10 years in prison today by a Milan judge for misleading investors about the health of the company before it collapsed in Italy’s biggest bankruptcy in 2003. Bloomberg reports that all other defendants, including three former officials of Bank of America Corp., were acquitted. Tanzi was [...]