Banca Intesa Hit With $24M Verdict In Parmalat Case

Law360, New York (October 22, 2009, 3:23 PM EDT) -- A unit of Italian bank Intesa Sanpaolo Group has been ordered to pay Bank Hapoalim BM $24 million following a New York jury's ruling that the Italian bank committed fraud in selling promissory notes linked to Parmalat SpA's South American unit in 2003.

A jury in the New York State Supreme Court ruled Tuesday that Banca Intesa SpA owed the Israeli bank $14.6 million plus interest dating back to May 2003, bringing the total to around $24 million, according to Chadbourne & Parke LLP, which represented...
To view the full article, register now.