Earlier this week four international banks were indicted on criminal charges from the failure of Parmalat. In 2003 the dairy company collapsed under $18 billion of debt.

The four banks are Citigroup Inc., UBS AG, Deutsche Bank AG and Morgan Stanley. According to the Charlotte Observer, the banks were charged for failing to have “procedures in place that would have prevented alleged crimes that contributed to Europe's largest corporate bankruptcy.”

The trial is set to begin in Milan, Italy on Jan. 22. To read the full article, go to: http://www.charlotte.com/123/story/159196.html

Charlotte Observer