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 ...[read more]
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... ...[read more]
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 ...[read more]
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... ...[read more]
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 ...[read more]
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 ...[read more]
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, ...[read more]
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 ...[read more]
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 ...[read more]
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 ...[read more]

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