N.J. Court Rejects Citigroup's Appeal In Parmalat Suit

Law360, New York (December 7, 2007, 12:00 AM EST) -- The New Jersey Appellate Division will not hear Citigroup Inc.’s appeal of a lower court’s refusal to dismiss a $10 billion lawsuit brought against it by Parmalat SpA for alleged securities fraud, Parmalat announced on Thursday.

"Citi is disappointed with the New Jersey court's decision which was procedural in nature and not on the merits," said a Citigroup spokesperson. "Citi continues to defend this matter vigorously. The bank was defrauded by Parmalat and has lost over €500mm as a result."

The Superior Court of New Jersey...
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