Parmalat Ordered To Pay Citibank $431 million: Lawyers
An Italian court upheld a ruling by a U.S. court for dairy group Parmalat (PLT.MI) to pay Citibank (C.N) $431 million in damages in a case relating to the Italian company's 2003 bankruptcy, lawyers for the U.S. bank said on Thursday.
In 2008 the Superior Court of New Jersey had thrown out a request for damages by Parmalat against Citibank and had instead accepted a request for damages against the dairy group by the U.S. bank.
“Following the demand by Citibank for recognition (of the U.S. ruling) in Italy, the Bologna Court of Appeal has now ruled that the U.S. sentence be recognised in Italy against Parmalat…”, law firm Clifford Chance said.
Parmalat was not immediately available for comment.