Intesa Units To Pay $27M To Parmalat

Law360, New York (May 20, 2009, 12:00 AM EDT) -- Units of Italian bank Intesa SanPaolo Group have agreed to shell out €20 million ($27 million) to Parmalat SpA to resolve allegations stemming from the Italian dairy firm’s collapse into bankruptcy in 2003.

Parmalat reached an agreement with C.R. Firenze Bank and its subsidiaries Centro Factoring SpA and Cassa di Risparmio della Spezia SpA that settles all claims related to the period prior to Parmalat’s insolvency in December 2003, and the Intesa units also consented to abandon all other claims with respect to the Parmalat companies,...
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