Parmalat’s European shareholders are preparing to launch legal action against US banks and auditors who were allegedly involved in the 2003 financial collapse of the Italian dairy giant.
The class action suit will be filed in Milan by over 4,000 European shareholders who were blocked by a US court from pursuing compensation in the US.
“Upon their exclusion from the US class action, European investors have no other choice than to seek recovery from these entities through court actions in Europe,” Brussels-based shareholder consultancy Deminor said.
Deminor and Italian consumer group Altroconsumo are advising the shareholders.
Deminor told just-food that it has advised shareholders to seek damages from: Deloitte & Touche, Grant Thornton, Citibank, Bank of America, UBS, Nextra (currently Eurizon), Morgan Stanley and Deutsche Bank.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe shareholder consultancy added that it was currently unable to put a figure on the damages that will be sought. “At this stage it is difficult to quantify, suffice to say damages will be significant,” a spokesperson said.