ROME (Reuters) - Italian prosecutors said on Tuesday they would appeal against a decision by an administrative court not to hear a case over derivatives that targeted Morgan Stanley (N:MS).
The case centers on Morgan Stanley derivative transactions made by the Italian state between 1995 and 2005 and terminated in December 2011 and January 2012.
The prosecution had asked for 2.7 billion euros ($3.1 billion) in damages from the U.S. investment bank, but in a ruling published last week, the Court of Accounts said it did not have the jurisdiction to take the case.
Morgan Stanley has denied any wrongdoing and its lawyers have argued that a civil court should have jurisdiction over proceedings.