First Chelsea come unstuck now the Banks – 5 face trial over derivative trades in Milan‏

Four banks were today charged with fraud linked to the sale of derivatives to the city of Milan. A trial of the banks, Deutsche Bank, JPMorgan Chase, UBS and Hypo Real Estate Holding’s Depfa Bank, has been scheduled for May 6. The banks have been accused of misleading the city on swaps that adjusted interest payments on €1.7bn of borrowings. http://www.ft.com/cms/s/0/1d838db2-31c6-11df-9ef5-00144feabdc0.html Italian prosecutors are probing banks as local and national government agencies face potential losses of €2.5bn on derivatives, lawyers say.