collapse. Bank of America denies any wrongdoing in the matter and is considering filing its own countersuit against Parmalat. December 2004 December 17 – Bank of America, still being sued for a combined $18B by Parmalat and its investors, is named as one of Parmalat's creditors to the tune of $163M. This means Bank of America can take part, as all creditors can, in a debt-for-equity swap under Parmalat's restructuring plan. This makes Bank of America a shareholder in the company when it emerges from bankruptcy. 2005 January 2005 January 25 – An Italian court bars Bank of America from claiming damages resulting from Parmalat's bankruptcy. The bank may still file as a damaged civil party if a future trial occurs. July 2005 July 14 – The $8B class-action lawsuit brought in Manhattan federal court on behalf of Parmalat investors is dismissed. Judge Lewis Kaplan's 74-page decision asserts that Bank of America did not know Parmalat was in financial trouble and thus could not profit off the company's downturn. The judge did not dismiss claims included in the suit against Citigroup, Banca Nazionale del Lavoro SpA, or Credit Suisse First Boston. August 2005 August 2 – Luca Sala is arrested by Italian authorities for his involvement in the bankruptcy when he was head of Bank of America's Italian corporate banking division and after he became a consultant at Parmalat in 2003. August 9 – A U.S. judge rules Parmalat can proceed with its $10B suit against Bank of America on charges of aiding and abetting break of fiduciary duty and looting of the company. The suit was propelled forward despite Bank of America's protest that a company cannot be sued for fraud by the company perpetrating the fraud in question. Judge Lewis Kaplan dismissed the protest because the precedent called into question was an application of New York law. August 18 – After 16 days, Luca Sala is released from pre-trial custody in Italy after it was determined that he could no longer tamper with evidence. The current charges against him stem from $63.5M in siphoned funds from Parmalat to private accounts. Sala denies stealing the money, instead claiming he earned some of it in commissions from insurance and private-placement contracts he handled for Parmalat. November 2005 November 28 – Three Cayman Islands-based companies sue Bank of America for its role in the collapse of Parmalat. Charges include financial improprieties