Four banks to face Parmalat charges
Citigroup, UBS, Deutsche Bank and Morgan Stanley named
Four major international investment banks are to face charges over the
dairy giant Parmalat, which collapsed due to accounting fraud.
The banks have been accused of not stepping in with measures that would have
alleviated the company’s plight.
Parmalat collapsed under £9.4bn worth of debt, but was later restructured.
All four of the banks deny any wrongdoing in the case.