MPS foundation doesn't rule out legal action
Chairman Mancini says will seek to protect itself, shareholders
25 January, 17:23
(ANSA) - Siena, January 25 - The Monte dei Paschi banking
foundation, the majority shareholder in Italy's third-biggest
lender Monte dei Paschi di Siena, may take legal action against
those deemed responsible for the derivatives-trading losses the
bank is currently facing.
The foundation "is determined to take all possible actions,
including those relating to the responsibility factors as
outlined by the law" in order to protect its own interests and
those of its shareholders, foundation chairman Gabriello Mancini
told attendees of a shareholder meeting Friday.On Tuesday this week, news broke that a loss-making derivatives trades could cost it as much as 720 million euros. The news led to the resignation of Monte dei Paschi ex-chairman Giuseppe Mussari from his post as chairman of the Italian banking association ABI the same day.
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