Italian food giant Parmalat has settled a class action suit led by Hermes for a fraction of the damages sought by the asset manager, days before a related case against US bank Citigroup comes to court on Monday.
In 2004, a subsidiary of Hermes launched a multi-billion dollar class-action lawsuit against Parmalat. A fund managed by Hermes Focus Asset Management Europe was the largest external investor in the Italian company, and lost an estimated â¬46m ($71m) following the collapse of the company in 2003.
