Deutsche Bank, Nomura Begin Trial in Monte Paschi Collusion Case
- Two firms accused of conspiring to mask Monte Paschi’s losses
- Trial comes as Italian lender struggles to avoid new bailout
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Deutsche Bank AG and Nomura Holdings Inc. went on trial in Milan, accused of colluding with Banca Monte dei Paschi di Siena SpA to cover up losses that almost toppled the Italian lender years before its current battle for survival.
Thursday’s proceedings began in a courtroom packed with dozens of lawyers, journalists and representatives of the accused. As well as the companies, 13 former and current bank managers are on trial, including Michele Faissola, who oversaw Deutsche Bank’s global rates unit at the time, and Ivor Dunbar, former co-head of global capital markets.