Parmalat has struck another out-of-court settlement linked to its collapse almost five years ago.
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The Italy-based dairy giant said banking group Monte dei Paschi di Siena will pay the company EUR79.5m (US$118.1m) for damages linked to the period before its bankruptcy in 2002.
Parmalat was embroiled in Europe’s biggest case of corporate fraud after EUR4bn went missing from the company’s accounts.
Under the deal with Monte dei Paschi di Siena, Parmalat agreed to drop its claims against the bank.
The company has settled with a slew of banking groups in recent months and is pursuing claims against other banks, including Citigroup.
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By GlobalDataEarlier this month, Parmalat booked a rise full-year earnings through raising prices to offset soaring milk powder costs.
