Italian judge ordered Bank of America, Citigroup, Morgan Stanley, Deutsche Bank, and UBS AG to stand trial in January 2008. The specific charges against Bank of America are in connection with an Italian law through which a company can be charged for not having proper governance controls in place to prevent illegal actions by employees. Specifically, Bank of America's accountability is held to its inability to prevent three former employees from market rigging. July 27 – A U.S. Federal bankruptcy judge in New York dismisses claims by foreign investors that the bank knew the Italian company was in financial dire straits and profited from that information. This decision effectively limits the lawsuits to Parmalat investors who reside in the United States. This verdict also is extensible to Citigroup Inc., Deloitte Touche Tohmatsu and Grant Thornton. The $10B suit brought by former Parmalat CEO Enrico Bondi is still being disputed at this time. August 2007 August 10 – U.S. District Judge Lewis Kaplan in New York dismisses suits against Bank of America, Credit Suisse, and Grant Thornton brought by two U.S. subsidiaries of Parmalat, Parmalat USA Corp and Farmland Dairies. This extends the former ruling against Parmalat to include its domestic subsidiaries. August 12 – U.S. District Judge Lewis Kaplan subsequently dismisses the lawsuit brought against Bank of America by Parmalat investors. Kaplan stated that a Supreme Court ruling earlier in the year "made plain that investors must show reliance upon a defendant’s own deceptive conduct before that defendant, otherwise a secondary actor, may be found primarily liable" and the suit failed to meet that standard. 2009 January 2009 January 13 – Bank of America is acquitted in an Italian court of all charges drawn from activities prior to April 2002. There was not a law prior to this time which dictated the administrative responsibilities of a corporation. Charging Bank of America for actions (or lack thereof) prior to enactment of the law would thus be a case of ex post facto. July 2009 July 28 – Bank of America agrees to pay $100M to settle the original $10B lawsuit brought by Parmalat, its subsidiaries, and its investors. The settlement contains both a cash and non-cash component. Bank of America admitted no wrongdoing in settling the case. October 2009 October 2 – Bank of America provides settlement payment to Parmalat in the amount of US$98.5M. References Bankruptcy Bankruptcy Corporate crime Corporate