Jury finds Parmalat defrauded Citigroup
A U.S. jury on Monday found Parmalat SpA defrauded Citigroup Inc in a case stemming from the Italian dairy company's 2003 collapse, and awarded the bank damages, reported Reuters.
The 6-1 verdict was handed down by a New Jersey state court jury after a trial lasting several months. The verdict did not have to be unanimous.
Parmalat's new management had sought up to $2.2 billion in damages from the biggest U.S. bank. Citigroup has called itself a victim of Parmalat's fraud and countersued.
Known for its long-life milk, Parmalat collapsed in December 2003. Some people have dubbed the episode "Europe's Enron."