Siena

MPS foundation doesn't rule out legal action

Chairman Mancini says will seek to protect itself, shareholders

MPS foundation doesn't rule out legal action

Siena, January 25 - The Monte dei Paschi banking foundation, the majority shareholder in Italy's third-biggest lender Monte dei Paschi di Siena, may take legal action against those deemed responsible for the derivatives-trading losses the bank is currently facing. The foundation "is determined to take all possible actions, including those relating to the responsibility factors as outlined by the law" in order to protect its own interests and those of its shareholders, foundation chairman Gabriello Mancini told attendees of a shareholder meeting Friday. On Tuesday this week, news broke that a loss-making derivatives trades could cost it as much as 720 million euros. The news led to the resignation of Monte dei Paschi ex-chairman Giuseppe Mussari from his post as chairman of the Italian banking association ABI the same day.

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