MILAN (Reuters) - Milan's civil appeals court on Thursday upheld a ruling rejecting a 450 million euro ($481 million) damage claim brought by Luxembourg-based fund Alkem against Monte dei Paschi di Siena, the bank's former top management and its adviser Nomura, the court said in a statement.
The decision comes after Italy's top court on Oct. 11 upheld the acquittal of former senior managers at Monte dei Paschi (MPS) as well as Deutsche Bank (ETR:DBKGn) and Nomura over derivative deals blamed for playing a part in the bank's downfall.
The rulings are beneficial for MPS which is 64% owned by the state following a 2017 bailout, and must be re-privatised. The bank has set aside money against legal risks which it could release.
Some foreign funds and Italian investors had filed the claim complaining they bought the Tuscan bank's shares between 2012 and 2016 on the basis of financial statements in which non-performing loans and two derivatives deals had been incorrectly booked, the court said.
Alken had sought around 450 million euros in compensation and Virmont SA another 4.7 million, the court said, adding there were further smaller claims from some Italian investors.
"The court has ruled out that the conduct could lead to sanctions under civil law", the statement said, adding the court was confirming on this point the first-instance ruling that rejected compensation in 2021.
The civil appeals court in Milan also cited the ruling of the criminal court of appeal in Milan that had acquitted all the defendants in the case centring around the two derivatives deals, a decision confirmed by Italy's top court last month. ($1 = 0.9356 euros)