A New Jersey jury awarded Citigroup $364.2 million in damages on Monday after finding that Italian dairy giant Parmalat defrauded the financial services firm in a case stemming from a 2003 accounting scandal known as "Europe's Enron." The verdict ends months of litigation in the suit originally brought by Parmalat, which accused Citigroup of being complicit in the fraud that pushed the company into a 2003 bankruptcy. The jury awarded Citigroup the highest amount it could grant for monetary damages.
Citigroup Wins $364.2 Million in Parmalat Fraud Trial
The American Lawyer
October 21, 2008