A Milan judge adjourned Wednesday a landmark derivatives trial against four international banks accused of fraudulently selling derivatives on a bond. The trial will resume June 23.
Judge Oscar Magi, who recently took over the proceedings, also ruled that several parties, including dozens of consumer groups, could not join the City of Milan in seeking damages from the banks. The same banks that are standing trial also were not allowed to seek damages by the judge Wednesday.
Deutsche Bank AG, UBS AG, JPMorgan Chase & Co. and Depfa Bank — the Irish unit of Germany's Hypo Real Estate Holding AG — face aggravated fraud charges of reaping 100 million euros ($120.4 million) in illicit profits from the irregular sale of derivatives. The banks deny any wrongdoing. Eleven bank employees and two former Milan city employees face the same charges.