Court to Notify Parmalat Investors of Additional Settlements of Class Action Lawsuit.

Court to Notify Parmalat Investors of Additional Settlements of Class Action Lawsuit. - 12/10/2009

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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 (LAW FIRM PR) NEWS:

Court to Notify Parmalat Investors of Additional Settlements of Class Action Lawsuit.
Staff Writer

PR Newswire. December 10, 2009
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EXCERPT: A notification program has begun, as ordered by the United States District Court for the Southern District of New York, to alert domestic investors, including U.S. persons and entities, who bought Parmalat Finanziaria S.p.A. equity securities from January 5, 1999 through and including December 18, 2003 about two partial settlements of a class action. This press release is issued by the Court-appointed Parmalat Notice and Claims Administrator as part of the notification effort. The lawsuit alleges that Parmalat and numerous other defendants participated in a fraudulent financial scheme, resulting in the understatement of Parmalat's debt and the overstatement of its net assets. Parmalat ultimately filed for bankruptcy, and the value of its stock dramatically declined. The defendants deny that they did anything wrong, and the settlements do not mean that any law was violated. The Court did not decide which side was right. The partial settlements resolve the case against several Deloitte & Touche Parties and several Grant Thornton Parties and will pay money to Class Members. The terms "Deloitte & Touche Parties" and "Grant Thornton Parties" and other capitalized terms used in this notice are defined in the detailed Notice available at www.ParmalatSettlement.com. The Deloitte & Touche Settling Parties agreed to pay $8.5 million and the Grant Thornton Settling Parties agreed to pay $6.5 million to resolve this matter; attorneys' fees, expenses and administrative costs will also be paid from these amounts. Settlement stipulations, available at www.ParmalatSettlement.com, describe all of the details.

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