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Last Updated: Tuesday, 4 October 2005, 09:15 GMT 10:15 UK
Parmalat sues Credit Suisse bank
Man passing shelves containing Parmalat long-life milk
Parmalat collapsed after a 14bn euros accounting hole
Parmalat is suing Credit Suisse First Boston for 7.1bn euros (4.8bn; $8.5bn) in damages over the bank's alleged role in the Italian group's 2003 collapse.

The details were included in documents published ahead of the resumption of trading in Parmalat shares on Thursday.

Credit Suisse First Boston is just one of a number of banks that Parmalat says should have done more to help prevent a 14bn euro accounting hole in its books.

The Switzerland-based bank said the food firm's claims were unfounded.

Debt-swap

Parmalat has sued a number of its former banks and accountancy firms for billions of euros in total.

It has already lodged other claims against Citigroup, Bank of America, UBS, and auditors Grant Thornton.

The firm also made a 248.3m euros claim against Credit Swiss First Boston last year.

It is not yet known whether the newly released 7.1bn euros claim against Credit Swiss First Boston includes the smaller amount, or is in addition to it.

Parmalat founder Calisto Tanzi and 15 others at the firm are now on trial on charges of accounting fraud and market rigging.

The trial began earlier this month, but was soon suspended.

The resumption in the trading of Parmalat shares was made possible after the firm's creditors agreed a plan to swap 12bn euros of debt into shares.


SEE ALSO:
Parmalat: Timeline to turmoil
28 Sep 05 |  Business
Parmalat fraud trial is suspended
28 Sep 05 |  Business


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