Judge Backs Parmalat Accord

NEW YORK -- Judge Lewis A. Kaplan of Federal District Court in Manhattan gave final approval to a $50 million partial settlement by Banca Nazionale del Lavoro of Italy and units of the Credit Suisse Group in an investor lawsuit over the collapse of the Italian dairy company Parmalat in 2003, The Associated Press reported Friday.

Banca Nazionale and units of Credit Suisse each will pay $25 million and make corporate governance changes, the AP reported.

The judge also approved expenses of $6 million for lawyers of the plaintiffs, the AP reported.

-- NYSSCPA.org News Staff

Posted on 7/20/07