Italian High Court OKs Parmalat Suits

Law360, New York (January 5, 2007, 12:00 AM EST) -- Italy’s highest court has upheld the controversial law that allowed Parmalat to sue underwriters and auditors for failing to prevent the multibillion-dollar fraud that eventually sent the company into bankruptcy.

The Constitutional Court ruled that Parmalat may pursue claims against banks Sanpaolo IMI SpA, Banca Popolare dell'Etruria e del Lazio, Banca Popolare di Cremona, Banco di Brescia San Paolo CAB, Banca Carige SpA, Credit Suisse, Unipol Banca, and Cassa di Risparmio di Pisa.

Parmalat has filed lawsuits against the financial institutions seeking refunds for loan payments...
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