Bank of America Files for Parmalat Damages
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Bank of America Corp. said Friday it had filed for damages against former officials and auditors of collapsed dairy giant Parmalat at a preliminary hearing in Milan, as the bank attempts to avoid blame in the massive fraud scandal.
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Parmalat sued its former auditors  Deloitte & Touche and Grant Thornton on Wednesday, broadening a  legal battle to claw back billions of euros from ex-allies the  food group says helped drive it into insolvency.
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Italian dairy giant Parmalat SPA owes nearly $26 billion to creditors including many big international banks, a judge ruled Friday in a decision that will affect who will become a shareholder in the reorganized company.
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American Express (AXP:NYSE - news - research) wants rival MasterCard, Visa and eight big banks to pay damages for years of allegedly uncompetitive practices in the charge card business.
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Parmalat's government-appointed administrator filed a suit yesterday against Bank of America in a federal court in North Carolina in the latest attempt by the collapsed dairy giant to recoup money from financial institutions with which it dealt.
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Bank of America Corp. said Friday it had filed for damages against former officials and auditors of collapsed dairy giant Parmalat at a preliminary hearing in Milan, as the bank attempts to avoid blame in the ...
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Citigroup said it launched a legal challenge against Italian authorities responsible for Parmalat&#39;s restructuring, alleging they failed to ensure a fair process for
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Bank of America Corp. , the second-biggest US bank by market value, said it lost $450 million when dairy company Parmalat SpA collapsed in 2003 in Italy's biggest bankruptcy.
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Parmalat, the bankrupt Italian dairy and food company, is suing two of its former auditors, claiming damages of at least $10 billion.
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Bank sues Wall Street firm Bear Stearns for fraud and deception over loss of hundreds of millions of dollars
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Parmalat sues 45 banks as it tries to reclaim money paid to banks before the scandal-hit Italian dairy company went bust last year.
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Prosecutors in Milan have added four banks and an Italian bank's asset management arm to their investigation into the collapse of Italian dairy giant Parmalat, news reports said Thursday.
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Citigroup said Friday it has filed a suit in an Italian court complaining it has been treated unfairly by Parmalat's new administration following the dairy giant's collapse.
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Global finance titan Citigroup said it was challenging the Italian government's reorganization plan for bankrupt food group Parmalat, claiming the bank is not being compensated for losses from massive fraud.
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Parmalat's ex-auditors are sued over their dealings with the insolvent group before its near collapse
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Citigroup sued Italy on Friday, claiming that the government appointee who runs the bankrupt Parmalat would unfairly pay only 2 million euros of Citigroup's claim of a 538 million euro debt.
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Parmalat is suing its former auditors Deloitte &amp; Touche and Grant Thornton, claiming damages of &quot;at least $10 billion&quot; and broadening a legal battle to claw back funds from financial partners which it says ...