Parmalat To Get $97M From Settlements

Law360 (June 19, 2007, 12:00 AM EDT) -- Parmalat SpA will rake in €72 million—about $97 million—from settlements with Merrill Lynch, ING Bank and Banca Monte Parma SpA, Parmalat said Monday.

Merrill Lynch has agreed to pay Parmalat more than €29 million to settle all outstanding claims stemming from Parmalat's insolvency. Parmalat also announced that ING Bank will cough up €8 million, and Banca Monte Parma S.p.A. will shell out €35 million, to settle “revocatory actions” filed by Parmalat.

Paramalat said that the settlements will lay the groundwork for fruitful relationships with Merrill, ING,...
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