Parmalat Refusing Claims, Filing Suits
The claims include Citigroup Inc. which claims to be owed $657 million, Bank of America Corp. ($223 million), UBS AG ($75 million), and Deutsche Bank ($123 million.)
Other Suits include: $20 million against Deutsche Bank; $350 million against Swiss bank UBS; and $10 billion against U.S. bank Citigroup Inc.
In the suits Parmalat administrator Enrico Bondi argues that the financial institutions either abetted the company in disguising its true financial state or received money from Parmalat at the expense of other creditors despite clear indications the company's finances were worse than Parmalat had stated.
The global food and dairy conglomerate is working on more suits against banks as part of a plan to recover some of the 14 billion euros in debt held by creditors.