April 29, 2013 / 6:09 PM / in 5 years

Monte Paschi says lawsuit versus Nomura, Deutsche Bank well founded

SIENA, Italy (Reuters) - A lawsuit by Italy’s Monte dei Paschi di Siena against Nomura 8604.T and Deutsche Bank DBKGn.DE over loss-making derivatives deals is well founded, the bank’s chairman said on Monday.

People are reflected in the window of a Monte Dei Paschi Di Siena bank in Rome January 29, 2013. REUTERS/Max Rossi

The Tuscan lender is seeking 1.2 billion euros in compensation from former executives and the two investment banks over two trades that exacerbated a capital shortfall and brought it close to collapse.

Monte Paschi Chairman Alessandro Profumo told reporters his bank’s lawsuit had not been weakened by a judge ruling on Friday which rejected a seizure order against Nomura made by Siena prosecutors.

“We consider our compensation claim well founded.” Profumo said, declining to comment further on the judge’s ruling.

Reporting By Silvia Aloisi and Stefano Bernabei, editing by Stephen Jewkes

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