October 14, 2016 / 9:12 AM / a year ago

Italy court accepts Monte dei Paschi settlement request - source

MILAN, Oct 14 (Reuters) - An Italian court accepted a request from Banca Monte dei Paschi di Siena to settle a case revolving round alleged financial crimes by former managers, a source said on Friday.

The settlement with Monte dei Paschi involves the seizure of 10 million euros and a fine of 600,000 euros, the source said.

In October some former managers at Monte dei Paschi were among several people ordered to stand trial for a series of financial crimes.

Under Italian law a company can be held responsible if it is deemed that it failed to prevent, or attempt to prevent, a crime by an employee that benefited the company. (Reporting by Manuela d‘Alessandro, writing by Stephen Jewkes, editing Luca Trogni)

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