MILAN, Nov 8 (Reuters) - An Italian court on Friday convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi di Siena over derivative transactions that prosecutors say helped the Tuscan lender conceal massive losses.
The verdict, read in court by lead judge Lorella Trovato, also ordered the seizure of 64 million euros from Deutsche Bank and 88 million euros from Nomura as part of the sentence. Monte dei Paschi itself settled in 2016.
The case centres on two controversial derivatives deals - known as Alexandria and Santorini - that Nomura and Deutsche Bank arranged for Monte dei Paschi in 2009.
Prosecutors alleged the deals helped Monte dei Paschi, the world’s oldest bank and Italy’s fourth biggest lender, hide more than 2 billion euros ($2.2 billion) of losses racked up after it the costly acquisition of a smaller rival in 2008.
The scandal, together with more losses suffered by the bank during the euro zone’s debt crisis, threatened to destabilise Italy’s financial industry and forced Monte dei Paschi to seek an 8 billion euro state bailout in 2017.
All defendants have always denied any wrongdoing. (Reporting by Emilio Parodi, editing by Silvia Aloisi)
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