A Milan judge yesterday (13 June) ordered Citigroup, Deutsche Bank, Morgan Stanley and UBS to stand trial for misleading the market over Parmalat’s bonds. Parmalat collapsed at the end of 2003, and was Europe’s largest bankruptcy.
Deutsche Bank has appointed Freshfields partner Enrico Castellani, and Citigroup has brought in Clifford Chance’s litigation head for Italy, Fabio Guastadisegni.
Guastadisegni said: “I’ve been working for Citigroup since the start of this story in 2003. But this is quite different because it’s the largest proceedings of this type in an Italian court.”
“The first priority is to obtain the best possible result,” he added.
London banking partner Michael Bray and New York litigation head Mark Kirsch are also on the Clifford Chance team for Citigroup.
Chiomenti partner Filippo Domenico Vassalli is advising Morgan Stanley and Macchi di Cellere Gangemi managing partner Claudio Visco is advising UBS.