Bank of America has reached a settlement with Parmalat SpA and other Parmalat entities of litigation in the US and Italy stemming from the dairy company’s 2003 bankruptcy.
Reportedly, the settlement resolves the 2004 lawsuit Parmalat filed in the US seeking $10 billion, as well as Parmalat’s multiple claims and potential claims against Bank of America and its employees in various proceedings in Italy. The global settlement is valued at a total of $100 million with a cash and a non-cash component.
Bank of America, said: The legal record to date – including the recent unanimous ruling in our favor from the three judge panel in Milan – makes it clear that no one at Bank of America knew or could have known of the true financial condition of Parmalat.
Further details were not provided as the case is being heard in the US.
