Sicily Settles Swaps Validity Claim With Japanese Bank

By Silvia Martelli (October 21, 2021, 5:21 PM BST) -- The government of Sicily has admitted that swaps it agreed with Nomura were valid as it agreed to settle the Japanese investment bank's €1 million ($1.2 million) lawsuit, which it had brought to enforce the terms of an agreement that restructured the region's debts.

Sicily has conceded that a 2005 swaps transaction it entered into with the London branch of Nomura did not violate Italy's financial rules, according to a High Court consent order on Tuesday stating that the two sides had settled their dispute.

The government has agreed to an order upholding the swaps as valid agreements to allow it...

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