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Report: Italian court has no jurisdiction over Morgan Stanley's derivatives case

Italy's Court of Accounts ruled it is not authorized to hear a lawsuit filed against Morgan Stanley and former senior Treasury officials, sources told Reuters.

In July 2017, the Corte dei Conti of Italy sued Morgan Stanley over allegations that the derivatives contracts the company had entered into with Italian officials were speculative and contained unfair termination clauses. The Court of Accounts made the ruling in April but made it public June 15.

The state now has three months to bring the complaint to another court should it decide to pursue the case, Reuters reported. The lawsuit is seeking €2.7 billion in damages.