Parmalat must defend US investor class-action suit
Class Action News
A Manhattan federal judge has rejected Parmalat SpA's (PLT.MI: Quote, Profile , Research) request to dismiss an investor class-action lawsuit stemming from the company's December 2003 collapse in an accounting scandal.
The ruling is a defeat for the Italian dairy company and Chief Executive Enrico Bondi. Both have been trying to distance themselves from prior management, and are seeking billions of dollars of damages from the company's former bankers.
Parmalat had filed Europe's largest bankruptcy under about 14 billion euros ($19.07 billion) of debt, after uncovering a 4 billion euro ($5.45 billion) hole in its accounts.
In a June 28 ruling, U.S. District Judge Lewis Kaplan concluded that the reorganized Parmalat "expressly agreed" when it emerged from insolvency proceedings in 2005 to assume the old Parmalat's liabilities for fraud alleged by the investors.
"New Parmalat asserts that it did not assume the pre-insolvency acts," Kaplan wrote in a 30-page opinion. "But the issue is not the assumption of acts. It is the assumption of liability for those acts."
Kaplan also rejected Bondi's contention that the investors waited too long after learning of the alleged fraud to file claims, saying procedural developments in the case pushed back the filing deadline.
Stuart Grant, a lawyer for the plaintiffs, in a statement said Kaplan's decision paves the way for a "substantial recovery" against Parmalat.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.