Parmalat has reached an agreement with CR Firenze Bank to settle all claims related to Italian dairy group’s 2003 financial collapse.

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Parmalat will receive EUR20m (US$28m) from CR Firenze and in return the group will drop all claims and actions relating to the Italian bank’s alleged involvement in the company’s bankruptcy.


 


Parmalat collapsed under debts of EUR14bn, the victim of fraud allegedly perpetrated by its former managers.

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Parmalat has accused a number of its former banks of assisting in the concealment of corrupt activity by former company executives. The group has since recouped damages totalling around EUR2bn.

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