Judge Axes Foreign Parmalat Purchasers' Claims

Law360, New York (July 25, 2007, 12:00 AM EDT) -- A group of auditors and banks secured a major victory Tuesday when a judge dismissed foreign plaintiffs' claims that they are liable for securities fraud due to alleged roles in aiding bankrupt Italian dairy giant Parmalat SpA's market manipulation.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York dismissed foreign purchasers of Parmalat securities's charges against four financial institutions. Kaplan found that these plaintiffs did not sufficiently argue that the banks had committed culpable actions in the United States,...
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