ROME (Reuters) – Italy’s Supreme Court has rejected an appeal by Parmalat against a lower court ruling that it pay $431 million in damages to Citibank in a case stemming from the dairy group’s bankruptcy more than 15 years ago.
Reuters reviewed a copy of the Supreme Court’s decision on Monday.
Parmalat, now owned by France’s Lactalis, collapsed in 2003 after the discovery of a 14 billion euro ($15.8 billion) hole in its accounts.
In 2008 the Superior Court of New Jersey ordered Parmalat to pay the damages to Citibank, rejecting its claim that Citibank played a part in thefts that had helped to bankrupt it.
In 2014, a court in Bologna upheld the ruling by the U.S. court that Parmalat pay the amount to