Italian food group Parmalat will receive a EUR5.4m (US$7m) settlement from Carige Bank to settle legal claims related to the dairy group's 2003 bankruptcy.

In a statement released on Friday (17 April), Parmalat said that, under the deal, Carige Bank will settle all claims related to the period prior to the company's insolvency.

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.

Parmalat expressed its "satisfaction" at the settlement reached.