Parmalat Finanziaria sues Citigroup in New Jersey court to recover damages

By Jeff Pines

Washington, July 29 - Parmalat Finanziaria SpA said it is suing Citigroup Inc. in a New Jersey superior court to recover damages.

Enrico Bondi, the Italian company's commissioner while it is in bankruptcy, is seeking recoveries from third parties believed to have played a role in the company's collapse.

Parmalat's restructuring plan contemplates the distribution to its future shareholders of at least 50% of Parmalat's distributable profits arising from the next 15 years' annual results, including any eventual proceeds derived from revocatory actions or actions for damages.

Parmalat filed for bankruptcy on Dec. 24, 2003.

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