Allstate, BofA Close Out Parmalat Securities Spat

Law360, New York (August 26, 2010, 4:14 PM EDT) -- Allstate Life Insurance Co. has become the latest insurer to settle its claims against Parmalat SpA underwriter Bank of America Corp., which allegedly caused several insurance companies to lose millions of dollars by hiding the financial state of the Italian dairy giant before its 2003 collapse.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York signed off Wednesday on an agreement by Allstate and Bank of America to dismiss the claims with prejudice as the insurer cases comes to...
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