Major US financial services company Bank of America has had its claim for damages against fallen dairy giant Parmalat turned down by an Italian court.
Bank of America had requested inclusion in a list of plaintiffs claiming damages in the civil leg of the Parmalat bankruptcy case.
It is a surprising decision that we do not agree with, a bank spokesman told Reuters. We reserve the right to file as a damaged civil party again during the possible future trial.
The decision by Judge Cesare Tacconi will come as a particular disappointment to the major US banking organization as the same Italian court has granted plaintiff status to most of Parmalat’s other investors.
Additionally, while Bank of America’s claim for inclusion in the case against Parmalat has been turned down it is currently in the middle of defending a lawsuit launched by Parmalat administrators against it. The administrator’s suit, which is seeking $10 billion in damages, was issued in October 2004.
Bank of America is one of a number of financial organizations that the Parmalat administrators have accused of knowing about the dairy company’s problems and exploiting those problems for personal gain. Bank of America has asked a federal court in North Carolina to dismiss the US suit against it but Italian court action could still be on the cards.