Parmalat, Collapsed Italian Dairy And Foods Group in Class Action Loom
A class action lawsuit may be filed in US court against Parmalat, the Italian dairy and foods group that collapsed in 2003 as a result of alleged financial fraud, after a federal judge approved a motion to extend a shareholders suit to the relaunched company, known as “New Parmalat”.
The primary plaintiff is pension fund Hermes Focus Asset Management but the complaint also lists European asset management funds and US individual investors as plaintiffs. If approved, the class action would encompass institutional investors and individuals worldwide. The complaint is being lead by law firms Grant Eisenhofer and Cohen, Milstein.
“Parmalat clearly was one of the wrongdoers here, so it is only right that they be included,” Stuart Grant, a managing partner at Grant Eisenhofer, said on Tuesday. Mr Grant said that since the complaint was a pre-bankruptcy claim, and thus targets the company’s previous ownership, this means any damages awarded would be treated like a claim by any other Parmalat creditor.
Filed under Class Action, General Law
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