Law360, New York (September 27, 2007, 12:00 AM EDT) -- Another defendant in the claw-back suit filed by Parmalat in the wake of its collapse has agreed to settle with the Italian dairy giant. Swiss bank Graubundner Kantonalbank will pay €21 million to bring an end to claims that it aided in the fraud that brought down Parmalat.
As part of the settlement, which was made public on Thursday, Parmalat will drop the €5.17 billion lawsuit it filed against the bank in the wake of its collapse, GKB said in a statement.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.