Stroock Wins Victory on Behalf of Grant Thornton International in Parmalat Bankruptcy Lawsuits
September 21, 2009 — New York, NY …Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles and Miami, won a major vindication on behalf of its client, Grant Thornton International in two multibillion-dollar lawsuits.
On September 18, Judge Lewis Kaplan of the United States District Court for the Southern District of New York granted summary judgment in favor of Grant Thornton International and other defendants in the case.
The fraud lawsuit was filed by Enrico Bondi, Parmalat’s chief executive, on behalf of the bankruptcy estate of Parmalat, the Italian dairy giant that collapsed in late 2003. A second lawsuit was filed by Parmalat Capital Finance Limited (“PCFL”), a wholly owned subsidiary of Parmalat.
Judge Kaplan ruled that Bondi and PCFL could not recover against Grant Thornton International because Parmalat’s and PCFL’s officers were responsible for the massive fraud that ultimately led to the company’s bankruptcy. The suit was part of a 2006 multidistrict litigation in the Southern District of New York.
Partner James Bernard led the Stroock team with partner Melvin Brosterman. Stroock associates David Cheifetz, Elizabeth Cronise, Quinlan Murphy, Katherine Puzone and Jaime Wasserstrom assisted in the matter.
Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks and private equity firms in the U.S. and abroad. Stroock’s emphasis on client service and innovation has made it one of the nation’s leading law firms for 130 years. Stroock’s practice areas include capital markets/securities, commercial finance, mergers and acquisitions and joint ventures, private equity, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax. For more information, please visit Stroock’s website at www.stroock.com.