Parmalat gets permission to sue Citigroup
Published:22-April-2008
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An Italian court has permitted food and dairy group Parmalat to sue Citigroup for E14 billion in damages over Parmalat's collapse in 2003, revealed Reuters.
Marco De Luca, Parmalat's lawyer, said: "We will obviously be asking for the entire amount of the fraud equivalent to E14 billion."
At the end of 2003, Parmalat collapsed with an E14 billion hole in its accounts. Parmalat is pursuing its former bankers for damages. The trial in Parma, Italy, against some officials from Citigroup is one of the several court cases initiated by the scandal.
So far, Parmalat has sued several banks that worked with the group's previous management. Parmalat has recouped about E1.3 billion from banks in settlements.
