Banca Popoare di Milano (BMP) is in advanced settlement talks with Parmalat regarding damage claims over the banks alleged role in the food group’s 2003 financial collapse, Italian reports claim.
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“There’s nothing concrete. There are advanced talks,” BMP managing director Fabrizio Viola told reporters on the fringes of a banking conference in response to a report in Italian daily Il Sole 24 Ore.
According to Il Sole 24 Ore, the value of the settlement is yet to be determined, but is expected to total “several tens of millions of euros”.
Parmalat has launched litigation against a number of banks and auditing companies that it accuses of contributing to its 2003 financial collapse by pushing it into bankruptcy. Various out-of-court settlements have already been reached.
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