HACKENSACK, New Jersey (Reuters) - A U.S. jury on Monday found Parmalat SpA defrauded Citigroup Inc in a case stemming from the Italian dairy company's 2003 collapse, and awarded the bank $364.2 million damages.
The 6-1 verdict was handed down by a New Jersey state court jury after a trial lasting several months. The verdict did not have to be unanimous.
PARMALAT (PLT.IT)s new management had sought up to $2.2 billion in damages from the biggest U.S. bank. CITIGROUP (C.NY)has called itself a victim of Parmalat's fraud and countersued.
Known for its long-life milk, Parmalat collapsed in December 2003. Some people have dubbed the episode "Europe's Enron."
"Citi is pleased with today's verdict," the bank said in a statement. "We have said from the beginning of this case that we have done nothing wrong. Citi was the largest victim of the Parmalat fraud and not part of it. Parmalat chose to file this action in New Jersey insisting this matter be tried there so we are delighted the jury has vindicated our position."
New York-based Citigroup was the first defendant to go to trial in the United States over accusations of helping cover up corrupt activity by former Parmalat officials. Parmalat sued Citigroup in Bergen County Superior Court in Hackensack, near where its U.S. operations had been based.
(Reporting by Martha Graybow, editing by Richard Chang)