BusinessCompany NewsParmalat recovers €420m from Intesa

Parmalat recovers €420m from Intesa

Parmalat has recovered €420m in an out-of-court settlement with Intesa

Parmalat, the
Italian food group which collapsed amid fraud in 2003, under €14bn of debt, in
one of Europe’s biggest ever corporate bankruptcy cases, has recovered €420m
($603m) in an out-of-court agreement with Intesa Sanpaolo, the Italian bank, at
the weekend.

This is the single biggest settlement Parmalat has reached and could have a
bearing on lawsuits pending against other leading banks.

Parmalat and Intesa Sanpaolo said in a joint statement that the agreement
settled all outstanding claims against the bank, whose bond unit also paid €160m
in damages in 2004.

In separate action US district judge Lewis Kaplan has rejected a request by
the ‘new Parmalat’ to dismiss a group lawsuit by shareholders seeking
compensation relating to the Parmalat’s collapse.

Further reading:

Joint audits: distorting
reality

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