Ex-Deutsche Bank, Nomura Bankers Cleared in Paschi Appeals Case

Former executives at Deutsche Bank AG, Nomura Holdings Inc. and Banca Monte dei Paschi di Siena SpA were acquitted by a Milan appeals court over alleged market manipulation and false accounting at the Italian bank between 2008 and 2012.

The decision Friday overturned 2019 convictions for bankers including former Monte Paschi Chairman Giuseppe Mussari, ex-Deutsche Bank official Michele Faissola and one-time Nomura executive Sadeq Sayeed, with a verdict stating that no crime had been committed, according to people with knowledge of the ruling.

Deutsche Bank and Nomura were also cleared of previously assessed fines and the court ...