Parmalat Finanziaria launches clawback actions against 45 financial institutions

By Jeff Pines

Washington, Dec. 16 - Parmalat Finanziaria SpA said it launched clawback actions against 45 financial institutions in a bid to recover as much money as possible for its creditors, and more are on the way.

The objective of clawback actions is to render ineffective any payments made during the one-year period before declaring bankruptcy where the requirements of Italian bankruptcy law are met.

The Italian dairy products company is already suing Citibank, CSFB International, UBS and Deutsche Bank to recover money for its creditors.

Parmalat filed for bankruptcy on Dec. 24, 2003.

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