A New Jersey appeal court has rejected a move by investment house Citigroup to move the Italian dairy company’s lawsuit against the bank to a court in Italy.
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As result of the ruling by the Appelate Division of the Superior Court of New Jersey, the suit relating to Parmalat’s financial collapse in December 2003 will go to trial in New Jersey as planned. Citigroup had contended that Italian courts were more appropriate for the case.
New Jersey state courts had previously blocked moves by Citigroup and other defendants to dismiss the case.
Parmalat is suing Citigroup for US$10bn, alleging that the company, which was acting as a financial adviser and banker to Parmalat, of arranging financial transactions to conceal the Italian group’s debts and artificially increase cash flow.
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