ITALY: Parmalat reaches settlement with Credito Emiliano
Parmalat has reached an agreement with Credito Emiliano that will see the bank pay EUR10m (US$12.8m) to settle disputes relating to the dairy group's 2003 financial collapse.
In return, Parmalat has voided all actions - present and future - against Credito Emiliano.
The dairy company has launched dozens of legal cases in Italy and the US against banking institutions and auditors that it claimed played a role in its 2003 financial collapse.
Parmalat went bankrupt under debts of EUR14bn, after alleged massive fraud perpetrated by its former managers. Parmalat has accused a number of its former banks of assisting in the concealment of corrupt activity by former Parmalat executives.
To date, the company has recouped about EUR1.8bn through legal actions.
"Parmalat expresses its satisfaction with this settlement, which provides a foundation for the resumption of a collaborative relationship between the two groups," Parmalat said in a statement yesterday (11 February).
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