Paschi Main Investor to Sue Nomura, Deutsche Bank, Ex ManagersLorenzo Totaro
Banca Monte dei Paschi di Siena SpA’s largest shareholder has decided to sue two of the Italian bank’s former managers including ex chairman Giuseppe Mussari as well as Nomura Holdings Inc. and Deutsche Bank AG over the alleged use of derivatives to mask losses.
Fondazione Monte dei Paschi di Siena took the decision at a meeting of its council today, it said in an e-mailed statement. The banking foundation will also support Monte Paschi in its lawsuits.
Last month a judge approved the request by Siena prosecutors to try Mussari and two other former managers on charges that they helped hide a document that showed how the world’s oldest bank entered into a derivative deal. The judge scheduled a trial for Sept. 26 in an accelerated procedure, according to three people with direct knowledge of the case, who asked not to be identified because the decision hasn’t been made public.
The expedited trial will demonstrate that Mussari is innocent, his lawyer Tullio Padovani said by phone on June 11. Spokesmen for Nomura and Deutsche Bank couldn’t immediately be reached outside business hours. The two banks have both denied any wrongdoing.