Italy court rejects Parmalat appeal in Citigroup damages case

ROME (Reuters) – Italy’s Supreme Court has rejected an appeal by dairy group Parmalat against a lower-court ruling that it pay $431 million in damages to Citibank in a case stemming from Parmalat’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 hole in its accounts.

In 2008 the Superior Court of New Jersey ordered Parmalat to pay the damages to Citibank, rejecting Parmalat’s 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.

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