Lawyers Susan Saltzstein and Marco Schnabl of Skadden Arps represented Unicredit in the case.
The Italian bank UniCredit plans to offer new shares at a steep discount to raise capital.
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So far, Fujitsu's signed on Italy's UniCredit bank, which kicked off a test program late last year.
UniCredit Aton, a Moscow investment bank, opined in February that AES was selling at as much as a 50% discount.
Mr Profumo was keen on grand schemes when he was at UniCredit but that is in the past.
Other defendants named in the suit include European banks Unicredit and Bank Medici.
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In France, Credit Agricole, Societe Generale and UniCredit rose between 2.9% and 5.8%.
Italy is really getting more mired in the euro crisis and UniCredit shares tumbled by more than 9% on Thursday.
The success of German-based firms in Asia's export markets has benefited suppliers in eastern Europe, notes Gillian Edgeworth, of UniCredit.
As Marco Annunziata of UniCredit, an Italian bank, points out, California's debt amounts to less than 1% of America's GDP.
Italian banks posted losses, with Banco Popolare down 4.7%, Banca Monte dei Paschi di Siena off 3.4%, and UniCredit shedding 2.1%.
UniCredit fell 14% after announcing it will sell shares at a 43% discount to current prices in order to raise new capital.
The clear plus-point of the German-Italian deal, however, is that Bank Austria and UniCredit's New Europe assets would make a good fit.
In an 18-page order released to lawyers today, Rakoff dismissed Unicredit S.p.
Waleed El-Amir, the investment banking head for Middle East, North Africa and Turkey, left in May to join Italian bank UniCredit .
"It's worse than we expected and the size of the contraction in consumer spending is a particularly nasty surprise, " said Unicredit economist Loredana Federico.
Last year the bank appointed Alessandro Profumo -- former CEO of Italy's biggest bank UniCredit -- as chairman and Fabrizio Viola as chief executive.
Despite the broader weakness, the iShares MSCI Italy ETF, which tracks big Italian companies like energy company Eni and bank Unicredit, managed a 0.2% advance.
France's Soc Gen and BNP Paribas, Germany's Deutsche and Commerzbank, and Italy's Unicredit would collectively be short of many tens of billions of euros of capital.
Goldman Sachs' Jernej Omahen has "Buy" ratings on Spain's BBVA, Britain's HSBC, Italy's Unicredit and France's BNP, with predicted upsides of 45% or more for all four banks.
Thus the cost of insuring Italian five-year government bonds is currently 430-ish basis points, or 4.33%, which is very similar to the cost of insuring loans to Unicredit.
Banks including JPMorgan, Deutsche Bank and UniCredit also tried in vain to pump up interest in the Alliance Boots deal, having already postponed the sale to this week from last.
"Today's outcome suggests that manufacturing output broadly stabilised in the first quarter, although sectoral surveys remain weak and do not yet point to a recovery, " a research note from UniCredit said.
Meanwhile, Unicredit, which is also exposed to a troubled Southern European economy, is attractive because it should benefit from its strong exposure to Germany which represents 28% of its pre-provisioning profits.
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UniCredit's fourth-quarter net profit fell 65% but beat analysts' expectations, as the bank kept a grip on costs, wrote off fewer loan losses and recorded stable income in its main business.
Now Ermotti, a former UniCredit and Bank of America Merrill Lynch exec, has been asked to stay on and lead UBS through significant strategic shifts in its approach to investments banking.
"In the near term, the Fed and global central banks have provided the thing everyone needed, and that's cash, " Martin Blum, head of emerging markets research at UniCredit in Vienna, told Reuters.
Unicredit is down 17.01%, Banco Monte Dei Paschi di Siena has lost 20.77%, Banca Popolare di Milano Scarl has dropped 21.39% and Intesa SanPaolo has plummeted 27.70%, according to data provided by Cantor.
"The auction came in a very difficult market environment, with the issue of US debt ceiling still unresolved", and speculation about the future of Italian finance minister Giulio Tremonti, analysts at Unicredit said.
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