Summary
Bank of America Corporation (BAC) disclosed on October 7, 2004, that Dr. Enrico Bondi, acting as the Extraordinary Commissioner for the Parmalat bankruptcy proceedings, has filed a lawsuit against Bank of America, N.A. and several of its affiliates. The lawsuit was filed in the U.S. District Court for the Western District of North Carolina. The core allegations in this legal action claim that Bank of America was aware of fraudulent activities at Parmalat and that the bank actively assisted Parmalat in continuing these fraudulent practices. Bank of America has stated its intention to vigorously defend itself against these accusations.
Key Highlights
- 1Bank of America is facing a lawsuit filed by the Extraordinary Commissioner for the Parmalat bankruptcy proceedings.
- 2The lawsuit alleges that Bank of America knew of fraud at Parmalat and aided in perpetuating it.
- 3The legal action names Bank of America, N.A. and certain affiliates as defendants.
- 4The case has been filed in the U.S. District Court, Western District of North Carolina.
- 5Bank of America intends to vigorously contest the allegations made in the lawsuit.
- 6This filing is an 'Other Event' under Item 8.01 of Form 8-K, indicating significant, non-routine information.