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
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
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.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com