More than 6,000 retail investors who lost out in the collapse of Italian dairy company Parmalat plan to sue two auditors and two banks including Citigroup for tens of millions of euros in damages , a consumer group said.
The lawsuit would be the latest in a series of legal cases in Italy and the United States around the Italian food group. Somma said the small investors together owned less than 5 percent of the company’s old shares.
Often dubbed “Europe’s Enron” in reference to the failed U.S. energy trading company, Parmalat collapsed in 2003 under about 14 billion euros ($21.68 billion) of debt after uncovering a 4 billion euro ($6.19 billion) hole in its accounts.
Often dubbed “Europe’s Enron” in reference to the failed U.S. energy trading company, Parmalat collapsed in 2003 under about 14 billion euros ($21.68 billion) of debt after uncovering a 4 billion euro ($6.19 billion) hole in its accounts.
It has since restructured and relisted its shares on the Milan exchange.
The investors, the majority of them Italian, will be joined by a number of European institutional investors based outside Italy, said Somma, though he declined to identify the investors concerned.
The investors, the majority of them Italian, will be joined by a number of European institutional investors based outside Italy, said Somma, though he declined to identify the investors concerned.