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Ex-managers of rescued Italian bank acquitted of wrongdoing

Posted November 30

— A judge in central Italy has acquitted three former bank managers accused of interfering with national oversight of a bank that the government later rescued.

The defense lawyer for former Banca Etruria chairman Giuseppe Fornasari confirmed the judge's verdict that came Wednesday following a speedy trial.

Two other former managers at the bank also were acquitted.

An association of bondholders who lost money in the rescue operation protested the sentence. Prosecutor Roberto Rossi told news agency ANSA he would appeal.

Banca Etruria was one of four small banks saved last year with a fund filled with money from other banks. But the rescue cost some 12,500 small bondholders 431 million euros.

Prosecutors had alleged the bankers interfered with the oversight work to prevent regulators from identifying problems in the bank.

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