UniCredit SpA Case

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Company Name(s): 
UniCredit
Case Name: 
UniCredit SpA Case
Case Status: 
Settlement Proposed
Affected Securities
BIT: UCG
Lawsuit Overview
Type of Lawsuit: 
Civil Action
Date Filed: 
08/01/2008
Summary: 

On Friday, August 1st, 2008, the Italian bank UniCredit SpA said it has agreed to pay Parmalat SpA and other companies in the group €271.7 (approximately $423) million to settle claims relating to the dairy giant’s near collapse in 2003 without admission of liability and only to avoid an expensive and drawn-out dispute. Parmalat SpA the dairy giant collapsed in 2003 under billions of euros in debt following an accounting scandal and ranked as one of Europe’s biggest financial scandals. Reportedly Europe’s fourth-largest bank Unicredit SpA denied any wrongdoing and said that “its behavior in the matter has always been correct and that, in particular, the group was never aware of the state of insolvency of Parmalat and the other companies in the Parmalat group.” According to the Settlement Milan-based lender UniCredit will pay the dairy company in exchange for withdrawing the company’s legal actions against the bank. The Euro 271.7 Million will reportedly be distributed as follows: € 229.7 million will be payed for current and potential re-vocatory actions and claims for compensations, € 37 million for tourism sector (Parmatour), € 4 million to soccer sector (Parma Calcio football club), and € 1 million - 42 companies in A.S. If the deal goes through, as expected, Parmalat will have received €1.84bn in legal settlements related to its bankruptcy.