Citigroup Inc may win another dismissal of Parmalat SpA's lawsuit

Citigroup Inc. (NYSE: C,TYO: 8710), a major American financial services company, is still to face charges of aided and abetted larceny at a trial on May 5.

Parmalat accuses Citigroup of using corrupt insiders at the Italian dairy company to steal the assets.

Parmalat is still seeking punitive damages to punish Citigroup. Taking into consideration fraud, conspiracy, racketeering laws the company hoped to get $21 billion.

But State Superior Court Judge approved today Citigroup's request to dismiss Bondi's claims of unjust enrichment.

The decision has dropped back Parmalat's claims and the measure of damages. It also marks another win of Citigroup over Parmalat.

Citigroup won dismissal of most of a New Jersey lawsuit that sought billions of dollars in damages over the 2003 collapse of Parmalat SpA.


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