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22 Oct 2008
Analysts believe Parmalat’s loss of a $1.92bn (₤1.1bn) damages claim against Citicorp in the Superior Court of Bergen County, New Jersey, has made it unlikely for the dairy giant to win a suit against Bank of America (BoA) and Grant Thornton for $10bn each, alleging they contributed to the fraud which caused its 2003 collapse.
‘Hopes of receiving proceeds from the litigation have been dashed,' Ben Rolfe, an analyst from Churchill Capital Group in Monaco, told Bloomberg. However, Parmalat announced today it would appeal the decision.
The cases against BoA and Grant Thornton, which are set for a New York federal court, are expected to come to trial in next year's second half, Nicola Parmieri, Parmalat legal counsel, said.
He said he would be seeking to broaden the claims on appeal and did not believe the Citigroup verdict would have any effect on the case against BoA.
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