Parmalat announces settlement with Bank of America

摘要

Parmalat S.p.A. announces that it has reached a settlement resolving ongoing litigation between it and Bank of America relating to the December 2003 collapse of the Parmalat Group.rnThe settlement remains subject to the entry of a "Contribution Bar" Order by the United States District Court for the Southern District of New York similar to that entered into in connection with previous U.S. settlements. Upon entry of the Order, Bank of America will provide Parmalat S.p.A. with cash payments and the assignment of certain rights - including its claims against Indulac -for a total settlement value of $98.5 million. Bank of America will also waive and release counterclaims that it has asserted against Parmalat in the U.S. action, as well as claims it or its subsidiaries have asserted in the Parma Bankruptcy Court.