Parmalat was on Monday ordered to pay about $364m in civil damages to Citigroup after a US jury ruled in favour of the bank in a case stemming from the 2003 collapse of the Italian dairy company.

Citi was accused by Parmalat of aiding and abetting the looting of the company by the former directors. Parmalat's new management had sought up to $2.2bn in damages from Citi.