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Last Updated: Tuesday, 19 June 2007, 09:17 GMT 10:17 UK
Parmalat settles with three banks
Parmalat logo
Several court cases linked to the collapse are continuing
Italian dairy group Parmalat has reached settlement with three banks over its corporate bankruptcy in 2003.

Parmalat said it had settled all outstanding damage claims with Merrill Lynch for 29m euros ($39m; 19.6m).

The firm, now restructured, said it had also settled claims for 35m euros with Italy's Banca Monte Parma and for 8m euros with ING of the Netherlands.

Parmalat is suing other banks as a result of its collapse, when it found a multi-billion euro hole in its books.

Parmalat is pursuing civil actions in Italy and the US aimed at recouping its losses, after it collapsed under 14 billion euros' ($18.6bn; 9.4bn) worth of debt.

Criminal proceedings are also continuing. Last week, an Italian judge ruled that four international banks would face charges over their involvement in Parmalat's bankruptcy.

Citigroup, UBS, Deutsche Bank and Morgan Stanley are accused of not stepping in with measures that would have alleviated the company's plight. All four of the banks deny any wrongdoing in the case.




SEE ALSO
Banks charged over Parmalat crash
13 Jun 07 |  Business
Italian court favours Parmalat
05 Apr 06 |  Business
Bank of America to sue Parmalat
31 Mar 06 |  Business
Prosecutors pursue Parmalat banks
29 Jul 05 |  Business
Parmalat: Timeline to turmoil
28 Sep 05 |  Business
Parmalat sues Credit Suisse bank
04 Oct 05 |  Business

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