A client company recently sued a leading Italian bank, arguing that the interest rate swap contracts concluded between the parties should be declared null and void because, among other things, no master agreement had been executed and the contracts had allegedly been concluded in violation of the bank's general duties of correctness and delay. However, the bank rejected the claims based on the preliminary argument that the limitation period for taking action had already elapsed.
The Court of Cassation recently rejected a bank's appeal and found that its employee had been entitled to access evaluation documents which had led to disciplinary measures being taken against him. Although the case concerned the regulation of access to personal data under the now rescinded Privacy Code, the decision sets out principles which remain valid under the EU General Data Protection Regulation and further strengthen the rights of data subjects with regard to how their data is processed.
The Milan Court of Appeals recently rejected an appeal against a Milan Court of First Instance judgment concerning an interest rate swap derivative contract. The complainant had asked the first-instance court for a statement of nullity regarding the contract, claiming that its purpose could not be determined and that no adequate risk exposure information had been provided. However, the first-instance court confirmed existing case law and excluded any reason for nullity of the contract.
The Criminal Court of Cassation recently confirmed a Milan Court of Appeal judgment which found that an employee who had emailed confidential data to a colleague who was not authorised to access said information had committed the crime of unauthorised access to a computer system under Article 615ter of the Criminal Code. The decision confirms that employers, as data controllers, must take appropriate security measures to ensure the integrity of information systems and data.