February 7, 2018 / 11:54 AM / 6 months ago

Citigroup says Milan court throws out Parmalat request for 1.8 bln euro compensation

MILAN, Feb 7 (Reuters) - A Milan court has thrown out a request by Italy’s Parmalat for 1.8 billion euros ($2.2 billion) in compensation from Citi in a case relating to the diary group’s collapse in 2003, Citigroup said on Wednesday.

“The Court of Milan has granted Citigroup’s motion to dismiss in its entirety a civil claim for 1.8 billion euros that was initiated against Citi (and a number of its former employees) by Italian diary group Parmalat in June 2015,” the U.S. bank said.

Citigroup said the court had held that the claim duplicated one that had been brought in 2008 by a court in New Jersey which had been dismissed as unmeritorious.

Parmalat was not immediately available for a comment.

$1 = 0.8098 euros Reporting by Elisa Anzolin, editing by Stephen Jewkes

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below