Offices in Milan and Rome of Deutsche Bank, UBS, JPMorgan and Depfa were raided by Italian law enforcement authorities investigating a possible derivatives fraud case, Reuters reported.
The raids stemmed from an investigation into possible fraud connected to a bond issue and related derivatives operations done on behalf of the city of Milan. In May, members of the opposition party in Milan filed a complaint with Italian prosecutors, accusing the banks of fraud related to a 1.7 billion bond issue conducted in June 2005, according to Reuters.
Bank officials declined to comment or were unavailable.