(ANSA) - Roma, January 25 - An Italian consumer association
said Friday it planned to sue Italy's third biggest bank, Monte
dei Paschi di Siena (MPS), for damage compensation on behalf of
clients and shareholders affected by an unfolding derivatives
scandal.
Codacons said it had begun proceedings in the Tuscan city
of Siena where MPS is headquartered and invited account holders
and investors to come forward to make their claim after the
world's oldest credit institution came under fire earlier this
week over previously undisclosed losses to the tune of 720
million euros following derivates deals with Japanese bank
Nomura and the German Deutsche Bank.
MPS shares have taken significant losses on the Milan stock
exchange as a result.
"Besides experiencing hours of uncertainty over the bank's
future, clients have been subjected to the untransparent if not
reckless use of their money, while shareholders have seen their
investments go up in smoke," Codacons said.
The association has also denounced Italy's central bank for
allegedly failing to provide due supervision of the Sienese
lender, calling on the authorities to shed full light on the
matter.
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