Cassino Refusal to Disclose Swap With JPMorgan Results in Suit
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Cassino, the central Italian city that cost taxpayers 2 million euros ($2.8 million) because of an interest-rate swap with JPMorgan Chase & Co., was taken to court earlier this month over its unwillingness to disclose how it lost the money.
The lawsuit, brought by Bloomberg News, asks an administrative court to enforce a ruling by a regional ombudsman that Italian law requires the city to release documents on a swap agreement between Cassino and a unit of Bear Stearns Cos., which JPMorgan bought in 2008. The New York-based bank and Cassino agreed in 2009 to terminate the contract, without disclosing financial terms.