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Judge Tosses BofA Claims Against Parmalat

Law360 (March 26, 2007, 12:00 AM EDT) -- A federal judge has dismissed parts of Bank of America Corp.’s $1 billion countersuit against one-time Italian dairy king Parmalat SpA, including claims of securities fraud, racketeering and deceptive trade practices.

In Friday’s order, Judge Lewis Kaplan of the U.S. District Court for Manhattan tossed Bank of America’s allegations that Parmalat and 14 subsidiaries had violated federal racketeering laws and North Carolina trade practice rules.

Kaplan also dismissed the all bank’s claims against 13 of the subsidiaries. However, while he threw out the securities fraud charges...
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