Four banks accused in Parmalat probe

Prosecutors investigating the Parmalat scandal have accused four foreign banks and an Italian asset management firm of helping the dairy foods giant mislead investors, moving closer towards a possible trial. The prosecutors made the accusations...

Prosecutors investigating the Parmalat scandal have accused four foreign banks and an Italian asset management firm of helping the dairy foods giant mislead investors, moving closer towards a possible trial.

The prosecutors made the accusations yesterday against US banks Citigroup Inc. and Morgan Stanley, Germany's Deutsche Bank, Swiss bank UBS and Nextra, the asset management arm of Italy's Banca Intesa.

In the report, seen by Reuters, the prosecutors also accused 13 bank executives, including an employee of Credit Suisse First Boston, of the Italian crime of market-rigging.

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