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Italian judge releases case against Unipol CEO of Fondiaria merger



(Reuters) – An Italian judge on Thursday filed a lawsuit against Unipol's CEO and six other people related to the 2013 merger between Italy's second largest insurance company and minor rival Fondiaria-SAI, a legal document seen by Reuters.

Carlo Cimbri and the others were investigated for alleged market falsification because Milan's prosecutors suspected that Unipol did not accurately account for its large structured derivatives portfolio and that this had an impact on the determination of equity swap quotas for the bond with Fondiaria.

The prosecutor's office itself that the case should be dismissed.

Milan judge Anna Calabi granted in the decree that was submitted on December 23 and as Reuters saw it. inquiries from prosecutors and dropped the case against Mr. Cimbri and the other suspects said there was no crime.

Unipol declined to comment.

Bologna-based Unipol agreed to buy the troubled rival Fondiaria 201

2 in a complex rescue operation backed by a series of regulatory and legal

The merger created UnipolSai, Italy's second largest insurance group behind Assicurazioni Generali, and was officially completed on January 6, 2014.

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