Parmalat Banks Including Citigroup, UBS Face Trial |
| Bloomberg - Jun 13, 2007 |
Morgan Stanley, Deutsche Bank AG, UBS AG and Citigroup Inc. will stand trial in connection with the 2003 bankruptcy of Italian dairy company Parmalat SpA, a judge in Milan ordered.
Judge Cesare Tacconi set the trial date for Jan. 22, the four banks said today. The lenders, which all deny wrongdoing, are accused of market manipulation.
Parmalat collapsed in 2003 in Italy's largest bankruptcy, later disclosing more than 14 billion euros ($19 billion) of debt, about eight times the amount reported by its former management. Prosecutors sought charges after discovering the company had never earned a profit after its stock market listing in 1992, though it reported earnings every year.
Read Full Article from Bloomberg
- Posted: 2007-06-13 09:53:05
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
