The story surrounding the collapse into bankruptcy of Italy’s Parmalat continues, with the dismissal of two legal cases by two former US subsidiaries of Parmalat Finanziara SpA against its bankers and auditors.
On Wednesday, US District Judge Lewis Kaplan threw out two separate cases brought by Parmalat USA Corp and Farmland Dairies LLC against Bank of America Corp, Credit Suisse and Italy’s Banca Nazionale del Lavoro and Banca Intesa, as well as accounting firms Deloitte Touche Tohmatsu and Grant Thornton International.
The lawsuits had claimed that the defendants had helped hide Parmalat’s true financial condition.
In 2003, Parmalat folded under a mountain of debt. These latest legal cases are just a couple of a number of court cases that have emerged from the debris of what was Europe’s largest bankruptcy.