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Parmalat steps up action on banks

Parmalat, the collapsed Italian food group, is suing Morgan Stanley, one of its former bankers, for €135.7m ($177m).

Parmalat said its claim against Morgan Stanley related to a deal in October and November 2003 when Parmalat bought back bonds worth €135.7m. It said it was claiming back the cash collateral for the deal.

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