Banks Indicted in Parmalat Case
Prosecutors allege they failed to act to prevent a huge collapse.
Four big Wall Street banks were indicted in Italy Wednesday for their role in the collapse of the Parmalat dairy empire four years ago.
A judge in Milan indicted
Citi
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,
Morgan Stanley
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,
UBS
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and
Deutsche Bank
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for failing to take actions that would have prevented the company's implosion under $18 billion in debt, according to news reports.
Citi and Morgan Stanley denied wrongdoing,
The Wall Street Journal
reported. It said UBS and Deutsche Bank weren't immediately reachable.
