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Banks To Stand Trial In Parmalat Market-Rigging Case

Law360 (June 13, 2007, 12:00 AM EDT) -- An Italian judge on Wednesday ordered Citigroup, UBS, Deutsche Bank and Morgan Stanley and 13 of their employees to stand trial for market manipulation charges related to the multibillion-dollar implosion of Parmalat SpA, which the dairy giant blamed on its financial partners.

The group of 13 bank employees, which includes high-level executives, had been served criminal indictments in Milan, charging them with market-rigging that allegedly led to Parmalat's bankruptcy in 2003.

The four banks, meanwhile, were handed civil charges for failing to have policies that could...
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