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An Italian judge has formally charged the founder of dairy giant Parmalat and 15 other executives over their role in the financial scandal that resulted in the company’s insolvency.

An Italian judge has formally charged the founder of dairy giant Parmalat and 15 other executives over their role in the financial scandal that resulted in the company’s insolvency.

Three financial institutions are also facing charges in the trial, which opens Sept. 28 in Milan.

CEO and founder Calisto Tanzi has been ordered to stand trial, along with three financial institutions for their role in the Parmalat fraud scandal.

The trial is the result of investigations into a financial scandal, which led the company to file for bankruptcy in December 2003.

Officials standing trial include those who worked for the Italian branches of Bank of America, auditing firm Deloitte & Touche and the former Italian branch of Grant Thornton.

They are charged with market rigging and false accounting.

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