Banks Indicted in Parmalat Scandal
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MILAN, Italy (AP) – Four international banks were indicted in Milan Tuesday on charges related to the 2003 failure of the Parmalat dairy empire, Europe’s largest corporate bankruptcy.
Judge Cesare Tacconi issued the indictments against Citigroup Inc., UBS AG, Deutsche Bank AG and Morgan Stanley, along with 13 employees of the institutions, for not taking measures that would have prevented the commission of crimes relating to the dairy empire’s failure.
