April 15, 2019 / 4:20 PM / 2 months ago

Italy court rejects Parmalat appeal in Citigroup damages case

ROME (Reuters) - Italy’s Supreme Court has rejected an appeal by Parmalat against a lower court ruling that it pay $431 million in damages to Citibank in a case stemming from the dairy group’s bankruptcy more than 15 years ago.

Reuters reviewed a copy of the Supreme Court’s decision on Monday.

Parmalat, now owned by France’s Lactalis, collapsed in 2003 after the discovery of a 14 billion euro ($15.8 billion) hole in its accounts.

In 2008 the Superior Court of New Jersey ordered Parmalat to pay the damages to Citibank, rejecting its claim that Citibank played a part in thefts that had helped to bankrupt it.

In 2014, a court in Bologna upheld the ruling by the U.S. court that Parmalat pay the amount to Citi.

“Citi looks forward to Parmalat now voluntarily complying with the Supreme Court’s decision and issuing and allotting to Citi the shares in Parmalat to which it is now entitled,” the U.S. bank said in a statement.

Reporting by Domenico Lusi; Editing by Stephen Jewkes, Mark Bendeich and Alexander Smith

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