A court in Italy acquitted Citigroup Inc., Deutsche Bank AG, Morgan Stanley, Bank of America Corp. and bankers at the companies in a market-abuse case relating to the 2003 collapse of Parmalat Finanziaria SpA, Italy's biggest dairy company.
"The detailed examination of evidence in court brought a clear view of the facts," Francesco Isolabella, a lawyer for Deutsche Bank, said after Judge Gabriella Manfrin read out the ruling in Milan on Monday.
Milan prosecutors had claimed the banks knew Parmalat's true financial situation when they sold bonds and carried out transactions on behalf of the food maker. The company, now called Parmalat SpA, failed in Italy's biggest bankruptcy.
The bankers did not commit the alleged crimes, the court ruled. The three judges will publish the reasoning behind the ruling within 90 days.
