BusinessCompany NewsAccountants target of another Parmalat lawsuit

Accountants target of another Parmalat lawsuit

Investors are targeting Deloitte and Grant Thornton in more lawsuits stemming from the Parmalat accounting scandal

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.

Further reading:

Read
the CFO.com story

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

1m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor