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Bank – Business of banking. The claimant bank, Dexia, and the defendant Italian local authority, Prato, entered into an agreement whereby Dexia became Prato's advisor on debt restructuring and interest rate swaps. Prato failed to meet its obligations under the swaps. Dexia brought proceedings for sums it claimed were due. Prato counterclaimed. The Commercial Court held that Dexia's main claim failed, as the forms it had used had failed to state Prato's right to withdrawal from their agreement.
Bank – Business of banking. The claimant bank, Dexia, and the defendant Italian local authority, Prato, entered into an agreement whereby Dexia became Prato's advisor on debt restructuring and interest rate swaps. Prato failed to meet its obligations under the swaps. Dexia brought proceedings for sums it claimed were due. Prato counterclaimed. The Commercial Court held that Dexia's main claim failed, as the forms it had used had failed to state Prato's right to withdrawal from their agreement.
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