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Italy court acquits 4 big banks in Parmalat collapse case
April 18, 2011 by Zach Zagger
An Italian court in Milan on Monday acquitted four banks charged with failing to have adequate steps to prevent the 2003 Parmalat SpA dairy empire crash. Parmalat collapsed under 14 billion euros in debt and is the largest corporate collapse in Europe. Citigroup, Deutsche Bank, Morgan Stanley.... [more]
Italy court convicts former Parmalat owner over fraudulent bankruptcy
December 10, 2010 by Megan McKee
A court in the Italian town of Parma on Thursday convicted the founder and former chief executive of dairy giant Parmalat SpA, Calisto Tanzi, for the company's fraudulent bankruptcy, sentencing him to 18 years. The court said that Tanzi and the 14 former executives sentenced with him will have to....... [more]
Parmalat and Bank of America reach $100 million settlement
July 29, 2009 by Jaclyn Belczyk
Bank of America (BOA) announced Tuesday that it has reached a settlement with Parmalat SpA 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, which includes both cash and non-cash components. The.... [more]
Parmalat founder sentenced to 10 years for role in fraud scheme
December 19, 2008 by Jaclyn Belczyk
An Italian court in Milan Thursday sentenced Parmalat SpA founder Calisto Tanzi 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 fraud scheme in 2003 that bankrupted the company. He was....... [more]
Parmalat reaches settlement with shareholders in securities fraud claim
May 2, 2008 by Nick Fiske
Italian dairy giant Parmalat SpA Friday reached a settlement 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 investors in the US District Court for the.... [more]
Parmalat fraud suit against Citigroup can proceed: judge
April 15, 2008 by Devin Montgomery
A New Jersey Superior Court judge ruled Tuesday that a $7 billion lawsuit filed by Italian dairy giant Parmalat SpA against Citigroup could go forward on a claim that Citigroup aided and abetted former Parmalat executives in misappropriating company money. Parmalat has alleged that Citigroup.... [more]
Italy judge indicts Parmalat founder, former executives on fraud charges
July 25, 2007 by Michael Sung
An Italian judge Wednesday indicted approximately 20 former Parmalat SpA executives, including founder Calisto Tanzi and former CFO Fausto Tonna, for their role in the collapse of the Italian dairy giant. The defendants, who are being charged with fraudulent bankruptcy and criminal association,.... [more]
Italy judge charges four banks in connection with Parmalat collapse
June 13, 2007 by Gabriel Haboubi
Citigroup, UBS, Morgan Stanley, and Deutsche Bank were charged Wednesday in Milan in connection with the collapse of Italian dairy giant Parmalat SpA. Judge Cesare Tacconi issued the indictments accusing the banks of a form of criminal negligence for not revealing to the market that Parmalat was.... [more]
US judge directs financial institutions to settle with Parmalat
November 22, 2006 by Gabriel Haboubi
Judge Lewis A. Kaplan of the US District Court for the Southern District of New York has asked that the financial institutions being sued by and counter-suing bankrupt Italian dairy giant Parmalat SpA negotiate a settlement with the company and has adjourned discovery proceedings until December.... [more]
Judge allows Bank of America to pursue counterclaim against Parmalat
March 30, 2006 by Cathy J. Potter
Judge Lewis A. Kaplan of the US District Court for the Southern District of New York has ruled that Bank of America may proceed with a counterclaim for damages of over $1 billion against bankrupt Italian dairy giant Parmalat SpA. In its counterclaim, Bank of America charges Parmalat and its.... [more]
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