Parmalat, Italy's largest food group, which collapsed last December following the discovery of a €14bn ($16.8bn) black hole in its accounts, is suing Citigroup, the US financial services giant, for $10bn in damages.

Enrico Bondi, new Parmalat chief executive, has filed a suit in New Jersey citing several deals arranged by the US bank. The Italian company is claiming between $8bn and $10bn.