Nomura Sues Over Derivatives Case

Nomura filed a claim in London against Banca Monte Paschi di Siena SpA the same day Italy’s third-biggest bank lodged a suit against it in an Italian court in a dispute about derivatives.

Bloomberg reports that Nomura filed a claim March 1, a court filing shows, on the same day Monte Paschi made separate suits in Florence seeking damages over two derivative contracts dubbed Alexandria and Santorini, arranged respectively by Nomura and Deutsche Bank.

Nomura is seeking a declaration from the British court that its derivatives contracts with Monte Paschi are valid, said a person with knowledge of the matter who asked not to be identified because the legal proceedings are under way.

The Italian lender is seeking $910m in damages from Nomura and Paschi’s former managers, and $650m euros from Deutsche Bank and former managers, Ansa newswire reported March 7, citing Chief Executive Officer Fabrizio Viola.

Hit the lin below to access the complete Bloomberg article:

Nomura Sues Monte Paschi in London Court Over Derivatives Case

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