Wells Fargo Is Biggest Parmalat Creditor

Wells Fargo & Co. emerged as the biggest creditor of Parmalat Finanziaria after the judge overseeing the Italian dairy company’s bankruptcy protection issued a final ruling on more than $33.8 billion in claims.

San Francisco-based Wells had $827 million in claims accepted. The bank didn’t lend the money directly to Parmalat; the credits stemmed from Wells’ work setting up trusts to channel funds raised for Parmalat by Bank of America Corp., primarily from U.S. insurers.

Parmalat Chairman Enrico Bondi has sued BofA and Citigroup Inc. for $10 billion, claiming that their financing helped sustain years of fraud at Parmalat.