Three former Bank of America Corp. executives were acquitted on appeal Wednesday of culpability in the accounting fraud that brought down the Italian dairy concern Parmalat SpA.

They were among eight former executives and bankers who were tried in 2008. The B of A executives were acquitted then, and again Wednesday by a Milan appeals court.

"Bank of America is very pleased with the decision … upholding the acquittal," the Charlotte company said in a statement.

It continued: "After more than four years of litigation in both Italy and the U.S., it is clear that no one at Bank of America was aware of the fraud at Parmalat. Indeed the notion that any bank would continue lending hundreds of millions of dollars to a company it knew was engaged in financial fraud quite obviously makes no sense."

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