Struggling Italian dairy giant Parmalat is suing JP Morgan and UniCredito for $4.4bn in damages.

Enrico Bondi, the administrator of Parmalat, has filed the damages, claiming that the banks underwrote half of the €9.5bn bond issues in the few years before the group’s collapse and ignored signs that Parmalat was in trouble.

Both UniCredito and JP Morgan deny any wrongdoing.