UBS, Credit Suisse Settle With Parmalat For $548M

Law360, New York (June 13, 2008, 12:00 AM EDT) -- Italy's Parmalat SpA has settled legal fights related to its 2003 collapse with UBS and Credit Suisse for a total of €356.5 million, or $548.1 million.

UBS will pay €184 million, or $283.1 million, and Credit Suisse will pay €172.5 million, or $265.4 million, to settle litigation related to accusations that they helped Parmalat executives hide debt and inflate results.

The UBS sum settles claw-back and damages claims. The bank said that the settlement will have a negligible effect on its earnings because of provisions it...
To view the full article, register now.