Parmalat crash

Bank of America should be held responsible for the collapse in 2003 of Parmalat Finanziaria. He said - Bloomberg agency reported - J. Gregory Taylor, the lawyer for two companies of the Cayman Islands to the initiation of civil proceedings in which the American bank, for the first time in the United States will defend its role in the collapse of Parmalat.

The BofA, according to the lawyers of both companies were aware that the participation of Parmalat Finanziaria was worth less than $ 300 million when he set up the transaction Financial in 1999 using the two companies of the Cayman Islands, namely, Food Holdings and Dairy Holdings.

Joseph B. Tompkins Jr., a lawyer for Bank of America, dismissed the accusations pointing out that the institute was one of the major victims of crack on Italian society. With the process that began yesterday and is expected to last one week, the two companies of the Cayman Islands aim to get 500 million dollars in damages.

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