Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

Parmalat to appeal NY judge’s dismissal of suits

Parmalat to appeal NY judge’s dismissal of suits

NEW YORK – A judge Friday dismissed lawsuits seeking to hold Bank of America Corp. and auditing firm Grant Thornton International responsible in Italian dairy giant Parmalat’s 2003 collapse, a decision Parmalat said it will appeal.

US District Judge Lewis A. Kaplan said it was necessary for several reasons to throw out three lawsuits seeking to hold the financial companies liable, including because there is no reliable evidence that ‘miscreant corporate officials stole with the defendants’ culpable participation.’In a statement, Parmalat said it believed the written ruling was erroneous and said it will appeal.Grant Thornton said in a statement that the ruling ‘is fully supported by the evidence.’The company had been sued by Enrico Bondi, the chief executive of the reorganised Parmalat, and Parmalat subsidiary Parmalat Capital Finance Ltd.Bank of America spokesman Timothy Gilles said the Charlotte, North Carolina-based company was pleased with the judge’s conclusion that there was no basis to hold the bank culpable when it ‘had no knowledge of the fraud and was damaged by it.’’As we have said since the outset of the Parmalat bankruptcy, Bank of America always believed we were dealing with a strong, honest and profitable company,’ he said. ‘We had no knowledge of the Parmalat fraud.’Kaplan ruled there was no evidence the companies knew about the massive US$18 billion collapse in 2003 that remains Europe’s largest corporate bankruptcy.The dairy conglomerate known for its long shelf-life milk grew from a small dairy distributor in Parma, Italy, into a diversified, multinational food company by 1990.The judge noted that the company between 1990 and 2003 opened 136 production facilities and enlarged its work force to 36 356 employees from 1 217 and its product line to 10 000 items. During the period, it expanded operations to 30 countries from five.-Nampa-AP

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News