Auditors Settle Parmalat Lawsuit...

Auditors Settle Parmalat Lawsuit... - 11/23/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Auditors Settle Parmalat Lawsuit...
Staff Writer

Chartered Institute of Management Accountants. November 23, 2009
_________________________________________________________________________

EXCERPT: Deloitte Touche Tohmatsu and Grant Thornton International have agreed to pay $15 million (£9 million) to settle a class action lawsuit relating to the collapse of Parmalat. The two firms acted as auditors for the Italian dairy company and were being sued by several US investment funds on behalf of thousands of people who claimed to have lost money because of Parmalat's failure. Deloitte is set to pay out $8.5 million to settle the case, while Grant Thornton will pay $6.5 million. The move will now need to be approved by Judge Lewis A Kaplan of the Manhattan District Court. […] "We consider this vindication of Grant Thornton LLP - since we were not involved in any wrongdoing with regard to the fraud at Parmalat, nor did we issue any statements or audits with regard to Parmalat - and will continue to vigorously defend against any claims or actions relating to Parmalat." Deloitte is yet to comment on the issue, as the settlement has not received final approval. Parmalat filed for bankruptcy in 2003, shortly after the Bank of America revealed documents stating that it held around $5 billion in liquid assets for the Italian firm were fake.

Back to News page | Back to Archived News 2009 page | Back to Top

�