Top banks cleared of Parmalat market abuse

Citigroup Inc, Deutsche Bank AG, Morgan Stanley, Bank of America Corp and bankers at the firms were acquitted by a Milan court 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.