Hermes, the UK fund manager, is leading a class action lawsuit against Parmalat on behalf of US and European shareholders who lost an estimated €1bn ($1.2bn) from the Italian food group's accounting scandal. Parmalat is expected to detail its rescue plan within days.

A judge at the US district court for the Southern District of New York appointed Hermes to lead plaintiff action against Parmalat, its directors, Citigroup and internal auditors, Grant Thornton, Deloitte & Touche.