Updated Wednesday, May 7, 2008 0:00 am TWN, AP

Parmalat seeking US$2.2 bil. in damages from Citigroup

HACKENSACK, New Jersey -- Parmalat SpA is seeking more than US$2 billion (euro1.3 billion) in damages from Citigroup Inc., accusing the banking giant of contributing to its bankruptcy in 2003, the company’s attorney said Monday. Parmalat had been seeking as much as US$10 billion (euro6.5 billion) from Citigroup before Superior Court Judge Jonathan Harris last month threw out the company’s allegations of fraud, racketeering and unjust enrichment.
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