Parmalat to Make Reforms in Accord
From Associated Press
Italian dairy giant Parmalat, accused by U.S. regulators of one of the biggest financial frauds in history, agreed to make corporate reforms but was not fined in a settlement accord.
The Securities and Exchange Commission announced the settlement with the insolvent company, which is being restructured in a plan subject to Italian government approval.
In a civil lawsuit filed in December soon after the Parmalat scandal exploded, the SEC accused the company of selling nearly $1.5 billion in bonds and notes to U.S. institutional investors and misleading them by grossly overstating its assets in its financial statements.
