Four banks were charged with fraud yesterday for their roles in a €1.7bn ($2.3bn) financing package for the Italian city of Milan in a case that will fuel the global debate about the use of complex derivatives.
UBS, JPMorgan Chase, Deutsche Bank and Germany's Depfa will face trial in Milan after a judge ruled there was sufficient evidence for them to face criminal charges of aggravated fraud for their role in devising a swaps package for the city's 2005 bond issue.
The case comes amid claims that investment banks helped Greece to fudge its national debt figures through the use of derivatives in order to qualify for membership of the euro.
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