New York, NY: A securities fraud class action was filed against the banks for allegedly aiding Parmalat to conceal its true financial state in an attempt to maintain lucrative business ties with the company. Investors filed the suit in the US District Court in Manhattan. Parmalat filed for insolvency in December 2003 after learning of a $4.8 billion hole in its accounts and was left with $16.7 billion of debt. Credit Suisse and Banca Nazionale del Lavoro have agreed to pay $25 million each in the class action settlement. (Nov-21-06) [
REUTERS: PARMALAT SETTLEMENT]
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