Milan’s City Council Approves Use of Funds From Closing Swaps

Feb. 21 (Bloomberg) -- Milan’s city council late yesterday voted to approve the creation of a deposit account that will receive funds from the four banks with which the municipality plans to terminate interest-rate swap agreements, according to a statement.

Milan plans to drop claims for damages as part of a criminal trial involving the lenders: JPMorgan Chase & Co., Deutsche Bank AG, Dublin-based Depfa Bank Plc and UBS AG.

To contact the editor responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net