Italian food group Parmalat will receive a EUR19m (US$25.3m) payout from Banca Monte dei Paschi di Siena (BMPS) to settle legal claims related to the dairy group’s 2003 bankruptcy.
In a statement released yesterday (30 March), Parmalat said that, under the deal, the Siena-based bank would settle all the outstanding claims against the company.
Parmalat collapsed under debts of EUR14bn, the victim of fraud allegedly 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 and the company has since recouped damages totalling in excess of EUR1.8bn.
In the statement, Parmalat expressed its “satisfaction” at the settlement.