After Milan: how Italian law treats muni swaps
Dealers in Italy run risk of “unpredictable legal conflicts”, warn lawyers at Norton Rose
Ilario Giangrossi is a partner, and Chiara Bicci is a senior associate, in the Milan office of global law firm, Norton Rose Fulbright
Recent Italian derivatives cases have highlighted some tough challenges for international banks in the market. Part of the problem is the domestic judicial system's three-tier structure, which means legal disputes can often drag on for years, encompassing multiple rulings – by local courts, courts of appeal and, finally, the Supreme Court – before a final decision
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