Parmalat Cases Stayed

Law360, New York (November 22, 2006, 12:00 AM EST) -- The federal judge overseeing a thicket of lawsuits stemming from Italian dairy giant Parmalat’s 2003 bankruptcy has imposed a stay in the multidistrict litigation to give the parties time to explore possible settlements.

On Tuesday, U.S. District Judge Lewis A. Kaplan adjourned the litigation until December 31.

Wednesday's stay followed Italian bank Banca Nazionale del Lavoro SpA and Credit Suisse Group’s presentation of signed agreements under which each will pay $25 million and alter their corporate governance regulations to settle the charges against them.

Both banks...
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