Parmalat SpA, the Italian dairy company that collapsed in 2003, sought $2 billion in damages from Citigroup.
Parmalat Chief Executive Officer Enrico Bondi seeks to prove that Citigroup, the largest U.S. bank by assets, aided and abetted larceny by corrupt insiders at Parmalat.
Citigroup claimed that it was a victim, not a perpetrator, and that Citigroup had lost $700 million in the Parmalot fraud.
The jury awarded Citigroup $364 million dollars.
Outcome
Damages by Plaintiff's Conversion: 210,192,280 Damages to Citigroup for Fraud: 364,228,023 Damages to Citigroup for Negligent Misrepresentations: 364,228,023
Total Awarded to Citigroup:938,648,326 Total (Capped): 364,228,023
