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
Free BK of America Cp Annual Company Report 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.
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
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