MILAN (AFX) - Parmalat SpA said it faces being included in a US class action after a federal judge in New York said he would examine the request from bond and shareholders.
In the two-year old case, the plaintiffs are claiming billions of euros in damages from former auditors Deloitte & Touche and Grant Thornton, and a series of banks including Citigroup and Bank of America.
However, sources close to the case said that 'new' Parmalat is likely to object to being one of those accused for the collapse of the dairy company in Dec 2003 with 14 bln eur of debts.
The Parmalat company, listed on the Milan bourse since October last year, is the result of a financial restructuring after the 2003 collapse and is run by its former administrator Enrico Bondi.
Analysts said this 'new' Parmalat is not the same company that collapsed, nor does it bear a responsibility for the collapse.
One analyst said the class action plaintiffs may believe the 'new' Parmalat can win its own cases against the banks and former auditors, and are seeking a share of any claim win proceeds.
In its statement, Parmalat said the judge has given the plaintiffs two months to make their case for Parmalat to be included as a defendant. nigel.tutt@afxnews.com nt/joy COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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