Because the subprime mess hasn't been invigorating enough, Citigroup (NYSE: C) will now have to go to court to deal with a lawsuit brought by Parmalat, the Italian dairy company that collapsed under the weight of a massive accounting scandal back in 2003.

Enrico Bond, who was brought in to run Parmalat by the Italian government, is reportedly seeking $2-4 billion in damages from Citigroup. Parmalat claims that Citigroup was aware of the company's treacherous finances, and concealed and helped to conceal the truth from investors.

According to Paramalat, "Citigroup faces a very serious charge at the trial in New Jersey - that its bankers helped the corrupt insiders dress up Parmalat's financial statements and loot the company over a number of years."

Citigroup countered that "Citi is a victim of Parmalat's fraud and is confident that the merits of our position will be demonstrated in court."

The Wall Street Journal's breakingviews column (subscription required) has a fascinating angle on the case: Citigroup funneled cash to Parmalat through a vehicle that was called "Buconero" -- black hole in Italian. According to breakingviews:

[...] the trial could hinge on something as simple as a name. Buconero was a complex vehicle that plaintiffs say was used to give a credit line from Citi the appearance of equity. Citi says it was simply a tax-efficient financing plan. And the name? Well, the banker reportedly loved astronomy.

But plaintiff's lawyers will do their best to suggest the name was a sign of intent -- that Citi knew the milk company's finances were spoiled and that it helped hide this fact.

This is the latest in a long line of shady names being given to shady entities. In Enron's first accounting scandal -- that was quickly hushed up in 1987 -- crooked traders embezzled money through transfers to a mysterious Lebanese counter-party: M. Yass. Investigators quickly figured out that it was a joke: my ass. CFO Andy Fastow continued the trends when he gave the off balance sheet entities that hid the company's declining finances names like Chewco, based on the character in Star Wars.

Parmalat is also expected to sue Bank of America and Grant Thornton on similar grounds.