Parmalat to Make Reforms in Accord
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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.
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