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Italian court rejects Carige's lawsuit over insurance units sale

2018-12-07 01:21    Investing

Italian court rejects Carige's lawsuit over insurance units sale Stock News

© Reuters. The logo of the Carige bank is seen in Rome

(Reuters) - An Italian court on Thursday rejected a claim filed by Banca Carige against its former insurance units and their current owner, U.S. private equity firm Apollo Global Management (N:APO).

The Italian lender sold insurance units Carige Vita Nuova and Carige Assicurazioni to Apollo in 2015.

In 2016, under new ownership, Carige filed a lawsuit against its former Chairman Cesare Castelbarco and former CEO Piero Montani over alleged damages suffered following the sale of the two insurance units, now part of Gruppo Assicurativo Amissima.

The two units were renamed Amissima Vita and Amissima Assicurazioni, respectively, after the sale.

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