Parmalat investors may pursue Grant Thornton lawsuit

Investors in the failed Italian dairy company Parmalat are able to pursue a lawsuit with auditor Grant Thornton, a Manhattan federal judge has ruled, according to Reuters.

The plaintiffs in the five-year old lawsuit allege that Grant Thornton International and its US affiliate Grant Thornton LLP are liable for defrauding an Italian affiliate.

U.S. District Judge Lewis Kaplan concluded that there was enough evidence for a jury to conclude that Grant Thornton International and Grant Thornton LLP could be liable.

Parmalat collapsed in 2003 with a EUR14bn mountain of debt. It emerged from bankruptcy in 2005.