Parmalat Demands $2.2B In Citigroup Suit

Law360, New York (May 6, 2008, 12:00 AM EDT) -- Italian dairy giant Parmalat SpA has revised its demands for damages in the clawback suit filed against underwriter Citigroup Inc. in the wake of the company's collapse and is asking for $2.2 billion instead of $10 billion.

An attorney for Parmalat told New Jersey State Superior Court Judge Jonathan Harris that the company would demand $2.2 billion in compensation for Citigroup's alleged aiding and abetting of the fraud that eventually felled the company, according to several reports.

Attorneys for both Parmalat and Citigroup met with Judge...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.