Bank of America (NYSE:BAC), Deutsche Bank (NSYE:DB) Assets Seized in Italy

Assets of Bank of America (NYSE:BAC) and Deutsche Bank (NSYE:DB) have been seized in Italy in an investigation focusing Italian derivatives.

The derivative probe entails six banks and included a seizure of about $29 million overall, with Bank of America having the most assets seized, amounting to 15 million euros.

Also being investigated are UBS AG (NYSE:UBS), Banca Monte Paschi di Siena SpA, Natixis SA, and Dexia Crediop SpA. UBS and Deutsche Bank has 1.7 million euros seized each.

The amounts seized from each bank represent the profits made from the alleged fraud, where several cities and municipalities were sold derivatives by the financial institutions, including the city of Florence.