"New Parmalat" Securities Suit To Go Forward

Law360, New York (July 2, 2007, 12:00 AM EDT) -- A putative securities class action against the reorganized Parmalat SpA, whose predecessor-company's implosion has been likened to the Enron and WorldCom debacles, passed one obstacle Thursday when a federal judge ruled that so-called “New Parmalat” may be held liable for “Old Parmalat's” alleged fraud.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York found that the reorganized Parmalat, the European dairy company that declared bankruptcy in 2004 amid charges of massive securities fraud, should legally assume the liabilities of...
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