Testimony was set to begin Friday in a trial over a $7 billion negligence lawsuit against Citigroup.
The Italian dairy firm Parmalat SpA is suing Citigroup Inc., the largest U.S. bank, accusing it of helping Parmalat insiders in a theft that came to light when an accounting fraud was uncovered. The fraud led to Europe's largest bankruptcy in 2003.
Opening statements began Thursday morning before state Superior Court Judge Jonathan N. Harris after he dismissed two jurors who said personal issues that arose after they were chosen for the jury precluded them from serving. The eight remaining jurors will decide the case.
Attorneys for Parmalat began with a 2 1/2-hour statement. The company accuses Citigroup of arranging complex financial transactions to hide Parmalat's massive debt and artificially increase its cash flow.
New York-based Citigroup was a financial adviser and investment bank to Parmalat.
Citigroup attorneys spent about 1 1/2 hours on their statement before court ended for the day. They are to resume Friday morning, with testimony from the first Parmalat witnesses expected to follow, according to a court spokesman.
Citigroup maintains it was victimized by Parmalat, and lost hundreds of millions of dollars in the process.
"We are confident that the merits of our position will be demonstrated at the trial," Citigroup spokesman Dan Noonan said.
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