The appeals court found the defendants not guilty of the charges. (..)

A court of first instance in 2011 had sentenced former Unipol chairman Giovanni Consorte to three years, 10 months and a 1.3-million-euro fine, while the insurer‘s ex-deputy chairman Ivano Sacchetti and then chief financial officer Carlo Cimbrihad each received sentences of three years seven months and fines of one million euros each.