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Legal News
18 Apr 2011
by Zach Zagger

[JURIST] An Italian court in Milan on Monday acquitted four banks charged with failing to have adequate steps to prevent the 2003 Parmalat SpA [corporate website; JURIST news archive] dairy empire crash. Parmalat collapsed under 14 billion euros in debt and is the largest corporate collapse in Europe. Citigroup, Deutsche … [read more]


Legal News
10 Dec 2010
by Megan McKee

[JURIST] A court in the Italian town of Parma on Thursday convicted the founder and former chief executive of dairy giant Parmalat SpA [corporate website; JURIST news archive], Calisto Tanzi [NNDB profile], for the company's fraudulent bankruptcy, sentencing him to 18 years. The court said that Tanzi and the 14 … [read more]


Legal News
3 Aug 2009
by Christian Ehret

[JURIST] The US Securities and Exchange Commission (SEC) [official website] on Monday charged Bank of America [corporate website] with misleading investors [complaint, PDF] regarding billions of dollars paid to Merrill Lynch [corporate website] executives during the acquisition of the firm. The complaint alleges that, during the merger of the companies, … [read more]


Legal News
29 Jul 2009
by Jaclyn Belczyk

[JURIST] Bank of America (BOA) [corporate website] announced Tuesday that it has reached a settlement [press release] with Parmalat SpA [corporate website; JURIST news archive] in litigation stemming from the 2003 collapse of the Italian dairy giant. Under the terms of the settlement, BOA will pay Pamalat USD $100 million, … [read more]


Legal News
19 Dec 2008
by Jaclyn Belczyk

[JURIST] An Italian court in Milan Thursday sentenced Parmalat SpA [corporate website; JURIST news archive] founder Calisto Tanzi [NNDB profile] to 10 years in prison for his role in the collapse of the Italian dairy giant. Tanzi is the first executive to be sentenced in connection with the €14 billion … [read more]


Legal News
2 May 2008
by Nick Fiske

[JURIST] Italian dairy giant Parmalat SpA [corporate website; JURIST news archive] Friday reached a settlement [press release, PDF] with shareholders, agreeing to issue 10.5 million shares of stock, valued at almost 24 million euros, to satisfy a securities fraud class action filed against the company. The suit was filed by … [read more]


Legal News
15 Apr 2008
by Devin Montgomery

[JURIST] A New Jersey Superior Court judge ruled [PDF text] Tuesday that a $7 billion lawsuit [JURIST report] filed by Italian dairy giant Parmalat SpA [corporate website] against Citigroup [corporate website] could go forward on a claim that Citigroup aided and abetted former Parmalat executives in misappropriating company money. Parmalat … [read more]


Legal News
25 Jul 2007
by Michael Sung

[JURIST] An Italian judge Wednesday indicted approximately 20 former Parmalat SpA [corporate website; JURIST news archive] executives, including founder Calisto Tanzi [NNDB profile] and former CFO Fausto Tonna [BBC report], for their role in the collapse of the Italian dairy giant. The defendants, who are being charged with fraudulent bankruptcy … [read more]


Legal News
13 Jun 2007
by Gabriel Haboubi

[JURIST] Citigroup, UBS, Morgan Stanley, and Deutsche Bank [corporate websites] were charged Wednesday in Milan in connection with the collapse of Italian dairy giant Parmalat SpA [corporate website; JURIST news archive]. Judge Cesare Tacconi issued the indictments accusing the banks of a form of criminal negligence for not revealing to … [read more]


Academic Commentary
13 Dec 2006

JURIST Contributing Editor Nancy Rapoport of the University of Houston Law Center says that new instructions to federal prosecutors not to demand privileged documents as a means of inducing corporate co-operation with investigations may help preserve useful corporate structures while recognizing that threats of wholesale corporate prosecutions may not prevent … [read more]


Legal News
22 Nov 2006
by Gabriel Haboubi

[JURIST] Judge Lewis A. Kaplan of the US District Court for the Southern District of New York [official website] has asked that the financial institutions being sued by and counter-suing bankrupt Italian dairy giant Parmalat SpA [corporate website; JURIST news archive] negotiate a settlement with the company and has adjourned … [read more]


Legal News
30 Mar 2006
by Cathy J. Potter

[JURIST] Judge Lewis A. Kaplan of the US District Court for the Southern District of New York [official website] has ruled that Bank of America [corporate website; press release] may proceed with a counterclaim for damages of over $1 billion against bankrupt Italian dairy giant Parmalat SpA [corporate website; JURIST … [read more]


Legal News
27 Sep 2005
by Chris Buell

[JURIST] The trial of 16 former Parmalat [corporate website; Wikipedia backgrounder] directors and executives, including the company's founder and former chairman Calisto Tanzi [OpenFacts profile; JURIST report], is set to open in Milan Wednesday, nearly two years after massive accounting fraud was uncovered at the Italian dairy giant. The 16 … [read more]


Legal News
10 Aug 2005
by Tom Henry

[JURIST] Judge Lewis A. Kaplan of the US District Court for the Southern District of New York [official website] has ruled that Parmalat [corporate website] can proceed with its lawsuit against Bank of America [corporate website] though he dismissed most of the Italian dairy company's claims. Kaplan granted Bank of … [read more]


Legal News
7 Jul 2005
by James Murdock

[JURIST] Leading Thursday's corporations and securities law news, New York Attorney General Eliot Spitzer [Wikipedia profile] will retry ex-Bank of America broker Theodore Sihpol. Sihpol was acquitted on 29 counts of fraud-related charges last month [JURIST report], but the jury deadlocked on 4 counts and the judge declared a partial … [read more]


Legal News
28 Jun 2005
by Krista-Ann Staley

[JURIST] A Milan judge Tuesday sentenced 11 men to up to two and a half years in jail for their roles in one of Europe's biggest financial scandals, the 2003 collapse of Parmalat [official website in English; BBC Q&A]. Based upon a plea bargain, the convicted men, including founder Calisto … [read more]


Legal News
25 Jun 2005
by Holly Manges Jones

[JURIST] An Italian judge ruled Saturday that Calisto Tanzi [profile], founder and CEO of Italian dairy and juice company Parmalat [corporate website], will stand trial in the $18 billion fraud case that caused the company's downfall. Parmalat Finanziaria SpA admitted in 2003 that a $5 billion account with Bank of … [read more]


Legal News
23 Jun 2005
by James Murdock

[JURIST] Leading Thursday's corporations and securities law news, Morgan Stanley [corporate website] has settled with stumbling Italian dairy giant Parmalat [corporate website]. Parmalat sued Morgan Stanley in February to recoup money Parmalat gave to Morgan Stanley shortly before the food maker's bankruptcy. Parmalat's press release is available. Reuters has more. … [read more]


Legal News
18 Mar 2005
by Amit Patel

[JURIST] Leading Friday's corporations and securities law news, the European Commission (EC) [official website] said Microsoft [corporate website] has failed to deliver on its commitment to comply with sanctions related to violations of European antitrust rules [JURIST Hot Topic news archive]. Microsoft was accused of using its monopoly position to … [read more]


Legal News
27 Jan 2005
by Amit Patel

[JURIST] Leading Thursday's corporations and securities brief,The trial of two former Parmalat [corporate website] auditors, Maurizio Bianchi and Lorenzo Penca, who both worked for auditing firm Grant Thornton, began today in Milan, Italy. This is the first trial since the massive fraud scandal at the dairy giant came out. The … [read more]

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