Deutsche Bank Execs To Face Trial Over Parmalat

Deutsche Bank Execs To Face Trial Over Parmalat - 6/8/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Deutsche Bank Execs To Face Trial Over Parmalat
Christine Caulfield

Securities Law 360. June 8, 2009
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EXCERPT: Four Deutsche Bank executives have reportedly been ordered to stand trial in Italy over allegations they contributed to the 2003 demise of dairy giant Parmalat SpA. Parma, Italy, Judge Maria Cristina Sarli ruled Monday that executives Carlo Arosio, Giorgio Di Domenico, Marco Pracca and Tommaso Zibordi must face trial in September on criminal charges stemming from the collapse of the Italian company, according to a Dow Jones report. A fifth Deutsche executive, Guido Williams, has already been acquitted, the report said. A representative for Deutsche did not immediately respond to a request for comment. Parmalat spokeswoman Bianca Frondoni declined to comment. The order comes several months after the new Parmalat reached settlements worth nearly $136 million with four banks, including Deutsche, to resolve all legal claims over the collapse. In announcing the deals on Feb. 6, Parmalat — which emerged from bankruptcy in 2005 — said Deutsche had agreed to pay a total of €76.5 million ($98.9 million) in exchange for the dismissal of all pending and future claims against it. Three other banks — UBI Banca, Banca Popolare dell'Emilia Rompagna and Banca Popolare di Vicenza — also reached settlements, with UBI set to pay €11 million ($14.2 million), BPER to fork out €12.5 million ($16.2 million) and BPV to hand over €5.1 million ($6.6 million) to end litigation. Deutsche was one of five banks facing trial in Italy over allegations it engaged in market-rigging in the lead up to Parmalat's bankruptcy. In that case, Parmalat accused Deutsche, Bank of America Corp., Citigroup Inc., UBS AG and Morgan Stanley of failing to enact policies that could have stopped their former employees from acting illegally. The upcoming criminal trial of the bank's executives is one of several in Italy that have stemmed from Parmalat's tumble into bankruptcy.

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