The prosecutor for this Italian municipality says Deutsche, JPMorgan, UBS and Depfa Bank Plc misled administrators in a swap deal that could cost Milan millions of euros in losses, BusinessWeek is reporting.

Among the charges are allegations that JPMorgan hid 45 million euros ($61 million) in commissions, Deutsche Bank buried 25 million euros ($34 million), Depfa Bank made 21 million euros ($28 million) and UBS covered up 10 million euros ($13 million). The city prosecutor seized asses from the banks that equaled the alleged profits.

The banks deny the charges.

The local allegations come amid a larger, national investigation against banks for other derivatives-related losses.

The trial for the four firms, 11 bankers and two former city officials is scheduled for May 6.

Deutsche Bank, JPMorgan, UBS Are Charged With Fraud