Italian police seize bank assets: report
LONDON (MarketWatch) --Police in Milan have seized 476 million euros ($619 million) of assets from four major banks as part of an inquiry into potential fraud, according to media reports Tuesday citing a statement from police. The assets were seized from J.P. Morgan Chase , Deutsche Bank , UBS and DEPFA, according to the reports. The banks are accused of misleading the city of Milan over a $2.2 billion municipal bond issue in 2005. The city has lost around 298 million euros on derivatives tied to the deal, under which it swapped a fixed rate of interest for a variable rate, according to a Bloomberg report. Police have taken control of real estate, bank accounts, investments and other assets belonging to the banks, according to reports. 
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