Financial Times FT.com

Bondi to sue Italian banks for €1bn

By Adrian Michaels in Milan

Published: December 14 2004 17:56 | Last updated: December 14 2004 17:56

Parmalat's administrator is likely to file lawsuits in the next few days seeking the return of more than €1bn ($1.3bn) from dozens of Italian banks that helped finance the dairy company before its spectacular collapse.

The move will represent a significant stepping up of efforts by Enrico Bondi, the administrator, to target financial institutions that he believes helped prolong fraud at Parmalat by helping the company with loans and access to the markets.

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