Parmalat Inks €79M Settlement With Italian Bank

Law360, New York (February 21, 2008, 12:00 AM EST) -- Parmalat SpA has reached a deal with Italian bank Banca Monte dei Paschi di Siena to reimburse the dairy company €79.5 million for damages suffered from the company's collapse, the two companies announced Thursday.

Under the deal, Italy's dairy king Parmalat will drop all reciprocal claims against the bank. Monte Pashi will also pay €9.5 million to Parmatour Group, Parmalat's former tourism subsidiary, as well as €500,000 to Parma Associazione Calcio and €500,000 to Parlamat's bankruptcy administrator.

“Parmalat and Monte dei Paschi di Siena and the...
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