Parmalat Finanziaria

New York, NY: (Mar-22-07) A class action lawsuit against Parmalat Finanziaria and its subsidiaries and affiliates saw a partial settlement ordered by the United States District Court for the Southern District of New York. The suit accused Parmalat and numerous other defendants of participating in a fraudulent financial scheme, resulting in the understatement of Parmalat's debt by nearly $10 billion and the overstatement of its net assets by over $16 billion. Parmalat ultimately filed for bankruptcy and the value of its stock and bonds dramatically declined. In the settlement reached, investors, brokers, financial institutions, and other nominees who bought the common stock and/or bonds of Parmalat Finanziaria from January 5, 1999 through December 18, 2003 will be alerted to the $50 million class action settlement. [BUSINESS WIRE: PARMALAT SETTLEMENT]