Parmalat Scores €112M In Claw-Back Case

Law360, New York (January 2, 2007, 12:00 AM EST) -- Parmalat SpA has reached yet another settlement in the massive claw-back suit it filed against its underwriters and auditors in the wake of the 2003 accounting scandal that sent the dairy giant into bankruptcy.

Banca Nazionale del Lavoro SpA, the Italian branch of French bank BNP Paribas SA, has agreed to pay €103 million to settle the claw-back allegations, and an additional €9 million in damages, for a total forfeiture of €112 million.

The settlement agreement also brings an end to the case filed against Ifitalia,...
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