Parmalat Gets OK To Sue Citigroup For Fraud

Law360, New York (April 21, 2008, 12:00 AM EDT) -- A judge in Parma, Italy, reportedly ruled Monday that Parmalat SpA could sue Citigroup for €14 billion ($22.3 billion) in damages over the dairy giant's 2003 collapse.

Judge Paola Artusi allowed the company to become a civil participant in the fraud trial of 10 Citigroup executives, Reuters News reported Monday. Parties can request civil damages during criminal proceedings under Italian law.

"We will obviously be asking for the entire amount of the fraud equivalent to €14 billion," said Parmalat lawyer Marco De Luca, according to Reuters....
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