Some Citigroup claims dismissed
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Part of a $7-billion negligence lawsuit filed by Italian dairy firm Parmalat against Citigroup Inc. will go to trial May 5, a New Jersey state judge ruled.
The decision by Superior Court Judge Jonathan N. Harris dismissed some claims against Citigroup but retained Parmalat’s charges that the largest U.S. bank aided Parmalat insiders in committing an accounting fraud that led to Europe’s largest bankruptcy in 2003.
New York-based Citigroup has maintained it lost hundreds of millions of dollars as a victim of Parmalat.
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