Collecchio-based Parmalat announced that it has reached a full and final settlement of its 10-year battle with Standard and Poor’s and its parent company McGraw Hill.

The litigation, launched in 2005, concerned the ratings issued by Standard and Poor’s in the period before the insolvency of the Parmalat.

The Italian dairy collapsed in December 2003 with a reported €14bn hole in its accounts. Scores of Parmalat executives were charged and convicted for their part in the company’s collapse.

Parmalat was later rebuilt, and was acquired by French dairy giant Lactalis in 2011.

The settlement includes an agreement that neither the settlement nor the payment by Standard and Poor’s can be construed as an admission of liability by the ratings agency.