Parmalat, Italy’s largest listed food group, has reached a settlement with Banca delle Marche in a dispute over the bank’s alleged role in the food company’s 2003 bankruptcy.
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Banca delle Marche has agreed to pay EUR22m (US$29.95m) to end the revocatory action filed by Parmalat.
“Parmalat and Banca delle Marche express their satisfaction at the settlement which will set in place the conditions for a fruitful future relationship,” the two companies said in a joint statement.
Parmalat has launched legal action against a series of banks and auditing companies that it accuses of contributing to its financial collapse in 2003, when the company was forced to default on debts of more than EUR14bn.
Since the beginning of this year, the dairy giant has reached settlements totalling approximately EUR280m. Parmalat has more that 80 legal cases still underway.
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By GlobalData
