Italy court accepts Monte dei Paschi settlement request: source

Fri Oct 14, 2016 5:28am EDT
 
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MILAN (Reuters) - An Italian court accepted a request from Banca Monte dei Paschi di Siena (BMPS.MI: Quote) 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. [nL8N1C70A5]

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)

 
A logo of Monte dei Paschi di Siena bank is seen on the ground in Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo