Parmalat

Les investisseurs européens ont été exclus de l'action collective contre les défendeurs américains. Deminor a alors regroupé ces investisseurs dans le but d'obtenir une réparation maximum pour leur dommage grâce à une action européenne . Deminor a déjà lancé son action en Italie contre plusieurs défendeurs.

 

Veuillez trouver ci-dessous plus d'informations quant à notre action (texte seulement disponible actuellement en anglais et en italien).

A group of European institutional investors advised by Deminor is in the process of filing a collective action in Europe to recover the losses they suffered on their Parmalat investments.

 

The action will be filed against the auditors - Deloitte Touche (U.S. and International) and Grant Thornton (U.S. and International) -, and against the banks - Citibank, Bank of America, UBS, Nextra, Morgan Stanley and Deutsche Bank.

 

Until recently, European investors have been seeking to recover these losses through a U.S. class action. The judge overseeing the class action has now, however, excluded European investors from most of the claims pending in the U.S. proceedings for jurisdictional reasons. For this reason, European investors have no other choice but to seek recovery through a European action. We are now offering the possibility to all European investors to join our action and to benefit from any award of damages or settlement that we may obtain.

 

Background

In the securities class action In re Parmalat Securities Litigation, pending before the Southern District Court of New York, the Court has ruled on July 24, 2007 that Parmalat bondholders and shareholders who did not purchase their Parmalat securities in the U.S. are excluded from the U.S. class action with respect to claims against Citibank, Bank of America, Deloitte Touche (U.S. and International) and Grant Thornton (U.S. and International).

 

The Court's decision was based exclusively on jurisdictional issues, as it had already decided at an earlier stage that the Lead Plaintiffs' Complaint adequately pleads a cause of action against these defendants for their participation in numerous schemes to defraud Parmalat investors.

 

American investors or investors who purchased their securities in the U.S. (who only constitute a minority of Parmalat investors) can, however, continue to pursue their claims against these defendants and "New" Parmalat. The U.S. Court's decision prevents European investors from seeking recourse against these defendants in the ongoing class action. The only way for European investors to seek recovery from these banks and auditors is through a European action. It is important to stress that the benefits of a European collective actions are not automatically extended to all investors and, therefore, you need to join the action in order to be entitled to damages.

 

Legal action

The collective action will be filed against the auditors - Deloitte Touche (U.S. and International) and Grant Thornton (U.S. and International) -, and against the banks - Citibank, Bank of America, UBS, Nextra, Morgan Stanley and Deutsche Bank. Pieces of evidence prove that the above mentioned entities have participated to numerous schemes aimed at defrauding Parmalat investors, hiding to the market relevant information on the real financial status of the Parmalat group on the one hand and contributing, on the other hand, through a number of transactions to deteriorate the situation.

 

This collective action represents the last possibility for investors who have suffered losses because of their investments in Parmalat to ask for damage recovery. It is worth mentioning, in fact, that no class action is available for investors under European law. In other words, only investors who are part of the European action are entitled to benefit of a possible decision rendered by the Court granting plaintiffs with damages recovery or of a settlement once it is reached.

Deadline to join the European action is July 31st 2008. What do you need to do to join?

Deminor is coordinating and organising the European legal actions and (if any) settlement discussions on behalf of a group of instititutional investors. Please do not hesitate to contact us for more information about our action through the contact form on this web site or by registering through our 'active cases' registration site.

 

 

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