Parmalat has won a total of EUR105m (US$136.5m) through four new agreements with banks to settle claims related to the Italian dairy group’s 2003 financial collapse.
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The company has launched dozens of legal cases in Italy and the US against banking institutions and auditors that it claimed played a role in its 2003 financial collapse.
Parmalat went bankrupt under debts of EUR14bn, after alleged massive fraud perpetrated by its former managers. Parmalat has accused a number of its former banks of assisting in the concealment of corrupt activity by former Parmalat executives.
To date, the company has recouped about EUR1.8bn through legal actions.
Deutsche Bank has agreed to pay Parmalat EUR76.5m and in return the dairy group will abandon any existing or future claim relating to its bankruptcy.
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By GlobalDataIn a separate deal with Banca Popolare dell’Emilia Romagna (BPE.MI), announced on Friday (6 February), Parmalat will get EUR12.5m to settle all pending disputes.
UBI Banca (UBI.MI) also agreed to pay Parmalat EUR11m to settle all outstanding claims, while in a fourth agreement, Banca Popolare di Vicenza will pay Parmalat EUR5.1m.
