Italian court rejects Carige's lawsuit over insurance units sale

Reuters

Published Dec 06, 2018 11:42AM ET

Italian court rejects Carige's lawsuit over insurance units sale

(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.