Parmalat and Standard and Poor’s have reached a full and final settlement of the litigation proceedings brought by Parmalat have also resolved any resulting or related disputes.
The litigation proceedings, commenced in 2005 by the Extraordinary Commissioner of Parmalat before the Court of Milan seeking damages in excess of 4 billion Euros, concerned the ratings issued by Standard & Poor’s in the period before the insolvency of the former Parmalat Group. The settlement provides a 14.5 million Euros payment by Standard & Poor’s in favor of Parmalat and includes the parties’ agreement that neither the settlement nor Standard & Poor’s payment can be construed as an admission of liability by Standard & Poor’s.