Italian court clears four big banks over Parmalat

Old 04-19-2011, 03:55 AM
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Default Italian court clears four big banks over Parmalat

A Milan court on Monday cleared four international banks of criminal charges related to the bankruptcy of Italy's biggest listed food group Parmalat.Morgan Stanley wholesale jerseys, Citigroup, Deutsche Bank and Bank of America were cleared of market-rigging accusations in Parmalat's collapse in 2003 on a debt of 14 billion euros (20 billion U.S. dollars), according to the ANSA news agency.The Milan court also cleared charges against all the executives of the four banks.Earlier this year tiffany, Italian prosecutors had asked the court to confiscate 120 million euros (170 million dollars) from the four banks.Considered the biggest bankruptcy case in Italy's industrial history, Parmalat's collapse wiped out the savings of more than 100,000 retail investors who had bought the group's investment-grade corporate bonds.The four banks, which had repeatedly denied any wrongdoings and claimed they were defrauded by Parmalat Evening dresses, expressed satisfaction with the verdict in the two-year trial.
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