Judge Seeks Limits On Future Parmalat Damage

Law360, New York (February 16, 2007, 12:00 AM EST) -- In a possible setback for Parmalat SpA, a federal judge in New York has proposed limits on the amount of damages the bankrupt Italian dairy firm can recover from the U.S. investment banks it blames for its insolvency.

District Judge Denise Cote said the cap would ensure that damages—if any are awarded—will be proportional to the banks’ actual involvement in the company’s 2003 collapse, rather than how deep their pockets are.

Parmalat is seeking as much as $10 billion in damages from Bank of America Corp....
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