Bank of America Corp (BAC)

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Bank of America Reaches Settlement with Parmalat SpA
Date : 07/28/2009 @ 2:17PM
Source : PR Newswire
Stock : BK of America Cp (BAC)
Quote : 13.34 0.25 (1.91%) @ 8:00PM

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Bank of America Reaches Settlement with Parmalat SpA





CHARLOTTE, N.C., July 28 /PRNewswire/ -- Bank of America announced today that it has reached a settlement with Parmalat SpA and other Parmalat entities of litigation in the U.S. and Italy stemming from the dairy company's 2003 bankruptcy.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

The settlement resolves the 2004 lawsuit Parmalat filed in the U.S. seeking US$10 billion, as well as Parmalat's multiple claims and potential claims against Bank of America and its employees in various proceedings in Italy.

The global settlement is valued at a total of US$100 million with a cash and a non-cash component. Further details of the agreement will become available only after it has been filed in the U.S. District Court for the Southern District of New York, where the case is being heard.

While Bank of America does not comment on client relationships, the agreement removes barriers to future possible normalized business between the two companies.

"The legal record to date - including the recent unanimous ruling in our favor from the three judge panel in Milan - makes it clear that no one at Bank of America knew or could have known of the true financial condition of Parmalat. We have defended ourselves vigorously in these cases and are satisfied with this outcome today," Bank of America said in a statement.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE:BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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DATASOURCE: Bank of America


CONTACT: Lawrence Di Rita, Bank of America, [phone],

, or Ana Iris Reece Gonzalez, Brunswick, +39

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