Citigroup Wins $364M Verdict Against Parmalat

Law360, New York (October 20, 2008, 12:00 AM EDT) -- A New Jersey state court jury has found that Italian dairy company Parmalat SpA defrauded Citigroup Inc., awarding Citigroup about $364 million and rejecting Parmalat's fraud claims against the bank.

Parmalat, which went bankrupt in 2003, said that it would ask the judge to set aside the verdict, handed down by a jury in the Superior Court of New Jersey; if that request is denied, it will appeal the case, the company said.

“Parmalat continues to believe that Citigroup played an important role in contributing to...
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