Bloomberg reports that an appeals court in Milan cleared the banks and individuals at the firms because 'the alleged crimes didn’t take place', Judge Luigi Martino said as he read out the verdict today.
In the appeals trial, prosecutor Piero de Petris had argued that the banks, in their roles as advisers to the municipality, should have disclosed how much the derivatives were costing the borrower.
Defence lawyers cited testimony by municipal officials during the lower-court trial as proof the city was aware the four banks were making money on the trades and of the magnitude of those commissions.
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