Angela Bacares lost her husband, 59, and daughter Hannah, 18, when their £19million boat, Bayesian, sank in freak weather conditions off the coast of Sicily last month.
Ms Bacares was among 15 people who survived, while seven died.
The legal action, lodged in a Sicilian court by boatbuilder The Italian Sea Group (TISG), is claiming the huge sum from Ms Bacares and the ship's crew for reputational damage and loss of earnings.
But TISG has since stated that the lawyer involved, Tommaso Bertuccelli, had not been "authorised" to pursue the claim and had been instructed to withdraw it.
'Disgraceful'
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