Parmalat reaches settlement in US class-action case
Class Action News
Italy's dairy group Parmalat SpA said Friday it will issue new stock valued at more than $36 million to settle a class-action case against it in the U.S. Southern District Court of New York.
Under the agreement, Parmalat will issue to class members 10.5 million existing shares "in full satisfaction of any and all claim asserted against it in the class action, worldwide," the company said in a statement. Those shares would be valued at $36.8 million at the current market price.
Parmalat will also pay up to 1 million euros ($1.55 million) of the cost of notifying the class members of the settlement, the statement said.
The lawsuit was brought on behalf of former Parmalat shareholders and other investors, who claimed they were damaged by Parmalat's 2003 collapse.
The settlement removes the threat of a suit that had been weighing on the Italian company's stock. Parmalat shares jumped on the news and by late morning they were trading up 2.6 percent at 2.25 euros ($3.50), outperforming an overall positive market.
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