Parmalat to sue Bank of America | BBC - Democratic Underground

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Thu Oct-07-04 04:39 PM
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Parmalat to sue Bank of America | BBC

Parmalat to sue Bank of America

Parmalat products are found
on most Italian breakfast tables

Administrators at bankrupt Italian food group Parmalat have filed a lawsuit against Bank of America, reportedly claiming $10bn (£5.6bn) in damages.

Parmalat said the move was part of ongoing attempts to seek "recovery from third parties believed to have played a central role in Parmalat's collapse".

Similar lawsuits have already been filed against Citigroup, Deloitte & Touche and Grant Thornton.

Parmalat collapsed in 2003 with debts of 14.3bn euros ($17.6bn; £9.9bn).

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