Parmalat is cleared to proceed with suit vs. Bank of America

Article Abstract:

Parmalat S.p.A. of Italy has been cleared to proceed with a case against Bank of America Corp. The insolvent dairy company is suing former banking partners for approximately $10 billion (8 billion Euros) alleging the banks disguised the financial distress of the company. Parmalat S.p.A. defaulted on more than 14 billion Euros in debt in 2003.

United States, Accounting Methods, Accounting, BankAmerica Corp.

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Intesa Sanpaolo to pay $600 million in Parmalat case

Article Abstract:

Italian bank Intesa Sanpaolo S.p.A. and two of its former units will pay approximately $600 mil to settle suits stemming from the bankruptcy of Italian dairy firm parmalat S.p.A. after an accounting scandal in 2003. Intesa is the first major Italian lending entity to settle all lawsuit claims.

Intesa Bank

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In Parmalat case, 11 are convicted after plea deals

Article Abstract:

Eleven people up on criminal charges in the Parmalat S.p.A. securities fraud case have agreed to plea bargains. Former Chief Financial Officer Fausto Tonna received a two and a half year sentence, while outside counsel Gian Paolo Zini received a two year sentence.

Discipline, Securities fraud, Tonna, Fausto, Zini, Gian Paolo

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