It emerged last week that Bank of America has had securities fraud claims made against it by investors over its involvement with Parmalat dismissed.
Parmalat shareholders had alleged that the bank, along with several other financial institutions, had helped to cover up the true state of the dairy firm's finances.
District Judge Lewis Kaplan ruled in the Southern District of New York last week that Bank of America's private placement of debt from one of the firm's subsidiaries was not a sham transaction, despite the fact that it was misrepresented in Parmalat's financial statements.
However, similar suits against Citigroup, Credit Suisse First Boston and Banca Nazionale del Lavoro are set to go to trial.
.Tags: Italy | Italy
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