Dairy Giant Milks Banca Popolare For €60M

Law360, New York (August 7, 2006, 12:00 AM EDT) -- Banca Popolare Italiana has become the first Italian bank to settle with formerly bankrupt dairy giant Parmalat SpA, which is seeking about €7.5 billion from 50 banks worldwide in claw-back suits.

According to Friday’s settlement, BPI will pay Parmalat €59.5 million, including €10 million in receivables, or money owed by third parties but held by the bank as collateral. Both sides will also drop all legal claims against each other and not file any new lawsuits.

Parmalat had sought €200 million from BPI for allegedly prolonging...
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