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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