BANKING AND FINANCE | The Italian Supreme Court on the effects of Euribor manipulation

On 27 March 2024, the General Prosecutor of the Italian Supreme Court requested the issue concerning the effects of Euribor manipulation on financial contracts, addressed by the Italian Supreme Court in its judgment No. 34889/2023 (see our Echo of January 2024), to be referred to the Joint Sections of the Italian Supreme Court. According to the General Prosecutor, the Decision dated 4 December 2013 of the European Antitrust Commission, considered by the Italian Supreme Court as privileged evidence for the declaration of invalidity of the interest rates based on the manipulated Euribor and the redetermination of interest rates in the period involved in the manipulation, did not establish a concrete connection between the market manipulation by the financial institutions involved and the value of the Euribor. In addition, on 3 May 2024, in its judgment No. 12007/2024, the Third Section of the Italian Supreme Court stated that in order to provide evidence of Euribor manipulation, the relevant parameter must have been objectively, effectively and significantly altered.

Newsletter n. 96 – May 2024