BofA, Citi Off The Hook In Parmalat Investor Suit

Law360, New York (August 11, 2008, 12:00 AM EDT) -- A federal judge has dismissed claims against Citigroup Inc., Bank of America Corp. and other underwriters of Italian dairy giant Parmalat SpA filed by investors in the company.

U.S. District Judge Lewis A. Kaplan of the Southern District of New York ruled Thursday that the plaintiff class had not proved that investors who purchased stock between Jan. 5, 1999, and Dec. 18, 2003, relied on information provided by Bank of America, Citigroup or other underwriters when they made their investment decisions.

The plaintiffs had claimed that...
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