Italy Can't Freezes Nomura Assets, Moody's and S& P Settle

Old Boot

An Italian judge has rejected an order to seize around $2.29bn of assets from Nomura as part of a probe into suspected fraud involving troubled lender Monte dei Paschi di Siena, legal sources said on Saturday.

Reuters reports that assets worth $182.4m that were already seized from the Japanese bank have been released under the judge's ruling, which was made on Friday, the judicial source said.

Prosecutors in Siena investigating lossmaking derivatives trades made under Monte Paschi's previous management ordered the seizure of around $2.29bn of assets from Nomura on April 16, but the court has rejected their request to have the order endorsed.

In the meantime, the news agency also reports that Moody's Investors Service and Standard & Poor's on Friday said they have settled two long-running lawsuits seeking to hold them responsible for misleading investors about the safety of risky debt vehicles that they had rated.

The lawsuits had accused Moody's, a unit of Moody's Corp, and S&P, a unit of McGraw-Hill Cos, of negligent misrepresentation over their activities regarding the Cheyne and Rhinebridge structured investment vehicles (SIVs).

Morgan Stanley, which marketed both SIVs and helped structure the Rhinebridge SIV, also settled.

Italian court rejects Nomura seizure order - sources

Moody's, S&P settle lawsuits over debt vehicle ratings

image: © flattop341

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts