A US judge has ruled that Italian dairy giant Parmalat can proceed with its lawsuit against the Bank of America Corporation.

Parmalat is suing the bank for up to $10bn because it claims that the bank helped Parmalat hide its financial troubles. Bank of America deny any wrongdoing.

Earlier this week, Parmalat revealed that it was suing JP Morgan and UniCredito for $4.4bn in damages. Both UniCredito and JP Morgan also deny any wrongdoing.