Accountants target of another Parmalat lawsuit

Investors claiming losses from the Parmalat’s 2003 collapse are targeting Deloitte & Touche and Grant Thornton, as well as Citigroup and Bank of America in another round of lawsuits stemming from the Parmalat accounting scandal.

The plaintiffs are expected to demand more than $77m (₤39m) in damages in litigation filed in Milan, according to a Reuters report, quoting Vincenzo Somma, head of legal and economic studies at Altroconsumo, an independent consumer protection association, CFO.com reports.

The majority of the more than 6000 retail investors are Italians who are said to be joined by a number of European institutional investors based outside Italy, according to the report.

A spokeswoman for Deloitte decline comment on the story until the lawsuit was filed and a spokesman for Grant Thornton said Grant Thornton had no involvement whatsoever in the audit of Parmalat and did not issue any statements or audit opinions on Parmalat's financial statements.

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