Parmalat and banks settle all claims
Parmalat has settled all claims with Credit Suisse and UBS in relation to 2003 accounting scandal collapse
Italian dairy giant
Parmalat
has settled all claims with
Credit
Suisse Group and
UBS
in legal disputes resulting from its 2003 collapse in a huge accounting scandal.
Credit Suisse said that, under the agreement with Parmalat, it would pay
€172.5m (?136m) in a final settlement of all claims in Italy without admission
of liability.
As part of the settlements, UBS will pay Parmalat $282.18m (?144m), Parmalat
said in a statement.
Parmalat said the agreement with UBS ‘resolves all actions to void, actions
for damages and actions to contest claims’ and late filing creditors pending or
may be filed in the future relating to transactions with UBS before Parmalat was
declared insolvent in 2003.
Further reading:
Court dismisses Parmalat claims against Citi