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Parmalat told to pay Citi damages

October 21, 2008|From Times Wire Reports

Parmalat has been ordered to pay Citigroup $364 million in damages after a New Jersey state court jury found that the bank did not aid executives in looting the Italian dairy company before its collapse in 2003.

Parmalat had been seeking $1.92 billion in damages in the case, filed in Superior Court of Bergen County, N.J., alleging that Citigroup Inc. aided and abetted a breach of fiduciary duty.

The decision is subject to Parmalat's applications to set aside the verdict in trial court, the company said. If the applications are denied, Parmalat plans to appeal the decision.

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