BofA Settles Parmalat Action With $100M Payout

Law360, New York (July 28, 2009, 7:27 PM EDT) -- Bank of America Corp. said Tuesday that it would pay nearly $100 million to settle allegations stemming from the 2003 collapse of Italian dairy giant Parmalat SpA.

The settlement, which includes a cash and a noncash component, resolves a 2004 lawsuit that Parmalat filed in the United States seeking $10 billion in damages.

It also resolves Parmalat's multiple claims and potential claims against Bank of America and its employees in various proceedings in Italy, along with counterclaims that BofA asserted in the U.S., according to the...
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