A Milan judge has ordered Citigroup, UBS, Morgan Stanley and Deutsche Bank to stand trial for market-rigging in connection with dairy firm Parmalat's collapse, judicial sources said according to Reuters.
Judge Cesare Tacconi also ordered 13 individuals to face trial on the same charges, at the end of preliminary hearings into the case, the sources told Reuters on Wednesday.
According to Reuters, Citigroup said in a statement the bank and its executive Paolo Botta "are certain that the outcome of the debate will prove they had nothing to do with the allegations and that Citigroup is the injured party."Â
Morgan Stanley said in a statement, according to Reuters, that it had "conducted a complete reexamination of its dealings with Parmalat ... and found that (everything) had been done correctly."Â
Deutsche Bank and UBS have also previously denied any wrongdoing. Asset manager Nextra asked to plea bargain in the case last month.
According to Reuters, the trial is scheduled to start on Jan. 22, 2008.
Parmalat buckled under massive debts in 2003. It has since undergone restructuring and re-listed on the Milan bourse in 2005, reported Reuters.
-New York State Society of Certified Public Accountants
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