A Milan prosecutor has called for the confiscation of ¤120 million ($160 million) from four international banks accused in the 2003 collapse of the Parmalat dairy empire, according to AP. Morgan Stanley, Deutsche Bank, Citigroup and Bank of America are accused of not taking measures that would have prevented crimes leading to Parmalat's ¤14 billion failure. A verdict is expected next spring. Prosecutor Eugenio Fusco is seeking ¤70 million from Citigroup, ¤30 million from Bank of America, ¤5.9 million from Morgan Stanley and ¤14 million from Deutsche Banks. Fusco also asked the court Monday to fine the banks ¤900,000 each. The trial has the potential to recoup millions in damages for defrauded investors. The banks have denied wrongdoing. Swiss bank UBS reached a plea bargain earlier.
