MILAN (Reuters). -On Friday, an Italian appeals court acquitted all thirteen defendants. Deutsche Bank (ETR) and Nomura over derivative transactions that, according to prosecutors, helped Monte dei Paschi di Siena conceal losses from one of Italy’s most scandalous financial crimes.

Angela Scalise was the lead judge and read out Friday’s verdict. It overturned an earlier ruling and cancelled previous seizures against Deutsche Bank. Nomura Holdings (NYSE) Inc for 64.9 millions and 88,000,000 euros, respectively.

Appeal court judges found no cause for concern.

Monte dei Paschi settled the case with the court for 10.6 million euros (11.2 million).

The case centred on two complex derivatives transactions — known as Alexandria and Santorini — that Nomura and Deutsche Bank arranged for Monte dei Paschi in 2009.

Prosecutors claimed that the deals allowed Monte dei Paschi, Italy’s fourth largest lender and founded in 1472, to hide losses of more than 2 Billion Euros. This was after it bought a smaller competitor in 2008.

This scandal and the additional losses that Monte dei Paschi suffered during the eurozone debt crisis threatened to destabilize Italy’s financial sector. The Siena-based lender was forced to request an 8 billion Euro bailout in 2017, which gave the state 64%.

For events which occurred between 2008 and 2012, the 13 defendants and three banks faced accusations of manipulating markets and falsifying accounting.

All 13 bank employees were convicted by a Milan court in the 2019 initial trial.

All of the defendants denied wrongdoing, and no one was to spend time in prison before lengthy appeals were exhausted.

($1 = 0.9451 euros)