Judge Tosses BofA Claims Against Parmalat

Law360, New York (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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.