Parmalat SPA announced three settlement agreements Monday with Merrill Lynch, ING Bank and Italy's Banca Monte Parma SPA, for a total of $96.5 million related to the dairy group's 2003 failure. Parmalat said Merrill Lynch agreed to pay $39 million, ING Bank had agreed to pay $10.72 million and Banca Monte Parma SPA would pay $46.91 million. In addition to criminal proceedings ongoing in Italy, Parmalat is pursuing civil actions in Italy and the U.S. to recoup losses from the $18 billion insolvency.
June 19, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Parmalat SPA announced three settlement agreements Monday with Merrill Lynch, ING Bank and Italy’s Banca Monte Parma SPA, for a total of $96.5 million related to the dairy group’s 2003 failure.
In addition to criminal proceedings ongoing in Italy, Parmalat is pursuing civil actions in Italy and the United States aimed at recouping losses from the $18 billion insolvency — Europe’s largest corporate bankruptcy.
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