Parmalat Settles With Investors For $40M

Law360, New York (May 2, 2008, 12:00 AM EDT) -- Parmalat SpA will pay $40 million to resolve a shareholder class action filed in the wake of the accounting fraud that felled it, the Italian dairy giant said on Friday.

Parmalat said in a statement that as part of the settlement with investors who filed the class action in the U.S. District Court for the Southern District of New York, it will issue 10.5 million shares of stock, worth about $36 million.

The company said it would also pay up to €1 million ($1.545 million )to...
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