Parmalat collapse leaves most scars on US fund managers.

Publication: Europe Intelligence Wire

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COPYRIGHT 2004 Financial Times Ltd.

(From Funds International)

As legal proceedings to claim money lost in the collapse of Parmalat, the Italian dairy group, start in Italy and the US, it looks increasingly likely that Italian fund managers will have suffered least from the scandal. Retail investors in Italy and large foreign asset management companies will feature more prominently in the lawsuits being filed A Milan court was besieged by thousands of Italian retail investors at a preliminary hearing in early October. They were looking to join a civil action against former Parmalat management and the company's bankers and auditors who face market abuse charges related to their failure to communicate the true financial situation of the company.

But there was little sign of Italian fund management firms joining the queue that included Italian securities regulator, Consob, and...

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