BofA Given Green Light To Seek $1B From Parmalat

Law360 (March 31, 2006, 12:00 AM EST) -- Threatening the financial recovery of bankrupt dairy company Parmalat Finanziaria SpA, a federal judge has cleared the way for Bank of America Corp. to seek more than $1 billion in damages against the Italian company.

The bank is accusing Parmalat’s former executives of wasting the bank’s cash through fraud and conspiracy when it shocked Europe—and the financial world—with its €14-billion collapse in December 2003.

The charges were given the green light in the U.S. District Court for the Southern of New York by District Judge Lewis...
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