UPDATE 1-Bank Hapoalim wins Parmalat verdict against Intesa
* Israeli bank wins $24 million jury verdict--law firm
* Bank accused Italy's Intesa of fraud in note sale
* Parmalat 2003 collapsed months after note sale
By Jonathan Stempel
NEW YORK, Oct 21 (Reuters) - A New York State court jury has ordered the Italian bank Intesa Sanpaolo SpA (ISP.MI: Quote, Profile, Research) to pay Israel's Bank Hapoalim BM (POLI.TA: Quote, Profile, Research) $24 million in a fraud case relating to the 2003 collapse of Italian dairy company Parmalat, lawyers representing Hapoalim said.
The Manhattan jury on Wednesday awarded Hapoalim $14.6 million plus interest from May 2003, following a 12-day trial, the law firm Chadbourne & Parke LLP said.
Intesa and its U.S.-based lawyers did not immediately return requests for comment.
According to court papers, the former Banca Intesa had sold Hapoalim three $5 million notes as part of a scheme to generate money for Parmalat's South American units.
Hapoalim alleged that Intesa, one of Parmalat's lenders, knew when it sold the notes in May 2003 that Parmalat faced imminent collapse, which would occur in December of that year. Continued...
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