Parmalat gets Bank of America settlement

Posted by Isobel Drake on 6th October 2009

Parmalat S.p.A. has finalised their settlement with the Bank of America after a long running battle in the wake of Parmalat’s 2003 collapse.

The Italian dairy firm received US$98.5 million (A$112.5m) on October 2 following allegations that the Bank of America had sold Parmalat bonds while well aware that the company was under severe economic stress.

The bank refutes the claims, with the case now closed before it ever reached court.