Banks’ Role in Parmalat Scandal Is Alleged
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Italian prosecutors investigating the Parmalat scandal have accused four banks and an Italian asset management firm of helping the dairy foods giant mislead investors, moving closer toward a possible trial.
The prosecutors made the accusations against U.S. banks Citigroup Inc. and Morgan Stanley, Germany’s Deutsche Bank and Swiss bank UBS. All denied wrongdoing.
In the report, the prosecutors also accused 13 bank executives, including an employee of Credit Suisse First Boston, of the Italian crime of market-rigging.
In a separate action in a New Jersey state court, Citigroup countersued Parmalat Chief Executive Enrico Bondi, accusing him of fraud.
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