Banks indicted in Parmalat collapse

MILAN: A judge on Wednesday indicted four international banks on charges related to the 2003 failure of the Parmalat dairy empire in a case that could recoup millions in damages for defrauded investors. The judge issued the indictments against Citigroup Inc., UBS AG, Deutsche Bank AG and Morgan Stanley for not taking measures that would have prevented the crimes that led to the company's failure along with 13 bank employees charged with making false statements aimed at rigging the market. The case is trying to assign responsibility for the collapse of the company in what remains Europe's largest corporate bankruptcy. AP

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