Credit Suisse confirms that an agreement has been reached with the Parmalat Group to settle all claims between the parties in Italy. The agreement settles all revocatory and damages claims in Italy involving Credit Suisse and its affiliates and the Parmalat Group.
Credit Suisse has at all times acted properly in its dealings with the Parmalat Group and was unaware of Parmalat’s insolvency at the time of entering into any transactions with Parmalat prior to the commencement of the Extraordinary Administration of the Parmalat Group.
Under the agreement, Credit Suisse will pay EUR 172.5 million in full and final settlement of all claims without admission of liability. Credit Suisse will keep all shares it received in the Extraordinary Administration of the Parmalat Group.