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People walk on Duomo Square in MilanGIUSEPPE CACACE

An Italian judge on Wednesday ordered trial for four banks and 11 bankers on charges of fraud involving the sale of derivatives to the city of Milan, prosecutors said.

Milan Judge Simone Luerti set the opening date of the trial for May 6.

Prosecutors identified the banks as Deutsche Bank, UBS AG, JP Morgan and Depfa Bank. Also indicted were 11 bankers, a former Milan city manager and a consultant for the restructuring of Milan's debt.

In Italy, institutions such as banks can be indicted, as well as people.

The prosecutors described the indictment as a rare instance of alleged derivatives fraud going to trial.

The Apcom news agency said the derivatives deal cost the city around €100-million ($139-million Canadian) in damages.

Italian Sen. Elio Lannutti hailed the indictment as good news for consumers.

A Zurich spokesman for UBS, Serge Steiner contended that "no fraud was committed by UBS nor by its exponents to the detriment of the City of Milan." The Swiss bank expressed confidence that the trial will show that "no criminal plot" was conceived by UBS and that transactions were always communicated in a transparent way" to the city.

A Depfa spokeswoman, Nina Lux, said the bank was convinced that "neither Depfa nor the accused employees have violated any law or regulation."

There was no immediate comment from the other two banks.

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