Lawyer claims bank was victim
(WSJ): Lawyers asked a judge to hold Bank of America Corp. liable for allegedly misrepresenting the value of one of Parmalat Finanziaria SpA’s subsidiaries when it structured a financing transaction in 1999 using two Cayman Island companies. Lawyers for the Cayman companies presented opening statements Monday in a civil trial. They said the Charlotte, N.C., bank represented that Parmalat’s Brazilian subsidiary’s stock was worth $300 million when the bank had knowledge that the stock was worth as little as $4 million before thetransaction closed. However, a lawyer for the bank, said that Bank of America was one of the largest victims of the Parmalat fraud.
Category: Business
