Mps process: convictions for Mussari, Nomura and Deutsche Bank


The Court of Milan has ordered confiscations for a total amount of over 150 million euro against Deutsche Bank AG, including the London branch, and Nomura, charged to Milan as bodies in the Mps case process. The crimes disputed in various capacities are market manipulation, false accounting, false in prospectus and obstacle to the supervisory bodies, the latter in part prescribed.

The judges of the second section criminal law also sentenced the two credit institutions to fines of 3 million euros and more. All the defendants, both natural and legal persons, were convicted in the trial, including the former top management of MPS, Giuseppe Mussari, Antonio Vigni and Gian Luca Baldassarri, charged with the former managers of Deutsche Bank Ag and Nomura. The judges also condemned former financial director Daniele Pirondini.

The process saw the center the operations on the Santorini and Alexandria derivatives, the Fresh hybrid loan and the Chianti Classico securitization. The process, which began in December three years ago, saw about 1,300 civil parties, including small investors, savings associations, the Bank of Italy and Consob. The latter for the last hearing revoked the constitution against the 6 former managers of DB and consequently also against Deutsche Bank AG and the London branch which had been cited as civil managers. The German bank has entered into transactions with several savers who have thus left the process. Even Nomura has compensated some civil parties who therefore also withdrew their constitution.

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