BofA Given Green Light To Seek $1B From Parmalat

Law360, New York (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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.