Wednesday, July 29, 2009

Bank Of America Reaches $100 Million Settlement With Parmalat

Posted by Plus Master at 8:07 AM
 

Bank of America Corp. said it will pay $100 million to settle a 2004 lawsuit which sought $10 billion regarding the 2003 bankruptcy of Parmalat SpA.

The Italian dairy company was plunged into chaos after an accounting fraud came to light. Bank of America was later sued by Parmalat's new management for allegedly helping former officials engage in one of Europe's biggest-ever corporate frauds.

Further details of the settlement will be disclosed after it is filed in federal court in New York, where the case is being handled.

"The legal record to date - including the recent unanimous ruling in our favor from the three-judge panel in Milan - makes it clear that no one at Bank of America knew or could have known of the true financial condition of Parmalat," the company said in a statement. "We have defended ourselves vigorously in these cases and are satisfied with this outcome today."

Read the full article here on the CNN website.
POSTED IN Directors and Officers

2 Responses to "Bank Of America Reaches $100 Million Settlement With Parmalat"

PLUS FeeriT Says: July 30, 2009 (12:07AM) That article is so great! Thanks for sharing it into us. I’ve learned something new. But aside from that breaking report, I have some news for you. A lot of people wonder what the highest paying jobs are, and how to get them. Typically, you'd think of careers such as actors, musicians, athletes and entertainers – especially since Ryan Seacrest has a $45 million contract for the next 3 years of American Idol. However, for every actor that makes millions, there are thousands that go nowhere. Getting rich is hard, period. The highest paying job in the US is a surgeon, and to be one takes ten years of hard work. You go to college, medical school, then internship and residency – and over $100,000 in student debt. Landing the highest paying jobs isn't easy, and to get the training you have to find institutions with money to lend.
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