Eight years ago, when Parmalat first sued Citigroup for allegedly facilitating and covering up the massive accounting fraud that sent the Italian dairy giant into bankruptcy in 2003, Parmalat’s lawyers at Quinn Emanuel Urquhart & Sullivan were claiming more than $10 billion in damages.
Instead, Parmalat now owes Citigroup at least $431 million. Last week, a state appellate court in New Jersey upheld the $364.2 million jury verdict that Citi’s lawyers at Paul, Weiss, Rifkind, Wharton & Garrison won three years ago on Citi’s counterclaims that Parmalat defrauded the bank. The $431 million includes interest that has accrued since the October 2008 verdict.
