Italy’s troubled Monte dei Paschi bank faces billions in legal claims

‘Italy’s third-largest and the world’ oldest bank, Monte dei Paschi de Siena is facing potential legal claims for more than €8 billion ($8.5 billion) in a series of civil lawsuits, Reuters reported.
The ailing bank has already set aside €627 million to cover claims.
On Monday, the Italian market watchdog approved the bank’s capital raising plan. Monte dei Paschi was acknowledged as Europe’s weakest major bank in July industry stress tests and wants to raise €5 billion through a debt swap and share sale.’
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