Advertisement
 
YOU ARE HERE: LAT HomeCollectionsParmalat
IN THE NEWS

Parmalat

FEATURED ARTICLES
BUSINESS
February 3, 2004 | From Bloomberg News
Parmalat qualified for about $5 billion in bank loans by double billing for some products, according to court documents and people familiar with the company's financing.
ARTICLES BY DATE
BUSINESS
December 19, 2008 | TIMES WIRE REPORTS
Parmalat founder Calisto Tanzi was convicted in Milan, Italy, of market rigging and other charges in the 2003 collapse of the Italian dairy giant and sentenced to 10 years in prison. It was the first of several trials seeking to assign blame for what remains Europe's largest corporate bankruptcy.
Advertisement
BUSINESS
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.
BUSINESS
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.
BUSINESS
December 30, 2003 | From Reuters
The founder of Italian food giant Parmalat admitted on Monday that he had misappropriated hundreds of millions of dollars of company funds. Calisto Tanzi, under arrest for suspected financial crimes at the insolvent dairy company, made the admission during questioning at Milan's San Vittore prison, one of his lawyers, Fabio Belloni, said. Tanzi told authorities he had funneled about $624 million away from Parmalat and into other companies, including Parmatour, a family-owned tourism company, Belloni said.
BUSINESS
April 16, 2008 | From Times Wire Services
Part of a $7-billion negligence lawsuit filed by Italian dairy firm Parmalat against Citigroup Inc. will go to trial May 5, a New Jersey state judge ruled. The decision by Superior Court Judge Jonathan N. Harris dismissed some claims against Citigroup but retained Parmalat's charges that the largest U.S. bank aided Parmalat insiders in committing an accounting fraud that led to Europe's largest bankruptcy in 2003. New York-based Citigroup has maintained it lost hundreds of millions of dollars as a victim of Parmalat.
BUSINESS
January 13, 2004 | From Associated Press
Adecco, the world's largest employment agency, said it couldn't close its books for 2003 because of possible accounting problems, causing its stock to plummet Monday. The Swiss company could not predict when its 2003 results would be available. That sent frightened investors rushing to sell. Analysts lowered their recommendations amid fears of an accounting scandal like the one that has enveloped Italian food group Parmalat. Shares of Adecco closed down 35% on the Zurich, Switzerland, exchange.
BUSINESS
January 8, 2004 | From Reuters
Italian prosecutors investigating the Parmalat fraud scandal met representatives of Citigroup and Deutsche Bank as they turned their sights on banks linked to the food group. Separately, a judicial source said Parmatour, a tourism company owned by Parmalat's founding Tanzi family, had a hole of as much as $3 billion in its accounts, a claim the company swiftly denied.
BUSINESS
December 19, 2008 | TIMES WIRE REPORTS
Parmalat founder Calisto Tanzi was convicted in Milan, Italy, of market rigging and other charges in the 2003 collapse of the Italian dairy giant and sentenced to 10 years in prison. It was the first of several trials seeking to assign blame for what remains Europe's largest corporate bankruptcy.
BUSINESS
July 29, 2004 | From Associated Press
Italian dairy giant Parmalat, accused by U.S. regulators of one of the biggest financial frauds in history, agreed to make corporate reforms but was not fined in a settlement accord. The Securities and Exchange Commission announced the settlement with the insolvent company, which is being restructured in a plan subject to Italian government approval. In a civil lawsuit filed in December soon after the Parmalat scandal exploded, the SEC accused the company of selling nearly $1.
BUSINESS
April 16, 2008 | From Times Wire Services
Part of a $7-billion negligence lawsuit filed by Italian dairy firm Parmalat against Citigroup Inc. will go to trial May 5, a New Jersey state judge ruled. The decision by Superior Court Judge Jonathan N. Harris dismissed some claims against Citigroup but retained Parmalat's charges that the largest U.S. bank aided Parmalat insiders in committing an accounting fraud that led to Europe's largest bankruptcy in 2003. New York-based Citigroup has maintained it lost hundreds of millions of dollars as a victim of Parmalat.
BUSINESS
July 7, 2007 | From Times Wire Services
Bank of America Corp. said it would stand trial on administrative charges related to the 2003 bankruptcy of Italian dairy company Parmalat Finanziaria. Bank of America, one of Parmalat's biggest lenders, faces charges that it didn't have sufficient internal controls to prevent employees from acting improperly before Parmalat collapsed in Europe's biggest bankruptcy in December 2003. Judge Cesare Tacconi in Milan, Italy, issued the ruling.
BUSINESS
June 5, 2006 | From the Associated Press
Just days after two Enron Corp. executives were convicted of fraud in Texas, a court in the northern Italian city of Parma will launch proceedings aimed at proving fraud in the $18-billion collapse of the Parmalat dairy giant. Parmalat's failure was a blow to corporate Italy and shattered the self-image of the city of cobbled streets where the dairy empire was as much prized as the city's other gastronomical legacies, Parma ham and Parmesan cheese.
BUSINESS
March 31, 2006 | From the Associated Press
A New York federal judge is allowing Bank of America Corp. to proceed with a counterclaim in the $10-billion lawsuit filed against it by Italian dairy giant Parmalat. The ruling by U.S. District Judge Lewis A. Kaplan allows the Charlotte, N.C.-based bank to press a loan-related claim for more than $1 billion in damages against Parmalat and its administrator, Enrico Bondi, the turnaround expert appointed by the Italian government to oversee the company in bankruptcy protection.
BUSINESS
August 10, 2005 | From Reuters
A U.S. federal judge has allowed Parmalat to proceed with its $10-billion lawsuit against Bank of America Corp., but threw out most of the Italian dairy company's claims. The recent decision is a setback for Parmalat Administrator Enrico Bondi, who has sued the two largest U.S. banks, Bank of America and Citigroup Inc., and former auditors Deloitte & Touche and Grant Thornton International for $10 billion.
BUSINESS
July 15, 2005 | From Bloomberg News
A federal judge refused to dismiss a lawsuit that accused Deloitte Touche Tohmatsu and Grant Thornton International of helping Italian dairy company Parmalat Finanziaria to understate its debt and overstate its assets. The ruling by U.S. District Judge Lewis Kaplan in New York is the second in three weeks in which he has refused a request by the two accounting firms to dismiss a lawsuit. He ruled June 28 that a suit by Parmalat stockholders and bondholders could proceed.
BUSINESS
December 23, 2003
FOOD Prosecutors looking into the crisis at Italian food company Parmalat Finanziaria placed Calisto Tanzi, the company's founder and former chief executive, and 20 other executives under investigation after the dairy company admitted to a multibillion-dollar hole in its balance sheet. The prosecutors are looking into possible fraud and other allegations concerning the suspected falsification of company documents.
WORLD
June 26, 2005 | From Times Wire Reports
The founder and former chief executive of Parmalat, the Italian dairy and juice giant that collapsed in an $18-billion fraud case known as "Europe's Enron," must stand trial for alleged market securities violations, an Italian judge ruled. The judge also ordered executives at the Italian branches of Bank of America, Grant Thorton and the auditing firm of Deloitte & Touche to stand trial in the case, along with 15 other people. The trial of Parmalat founder Calisto Tanzi will begin Sept.
BUSINESS
June 24, 2005 | From Times Wire Services
Morgan Stanley has agreed to an out-of-court settlement with Parmalat, becoming the first investment bank to reach a legal deal with the Italian dairy group, the companies said Thursday. The agreement, which could pave the way for similar deals with other lenders, settles "all existing potential actions and claims, including compensation of damages," the two sides said in a joint statement.
Los Angeles Times Articles
|