BusinessBusiness RecoveryParmalat investors may pursue Grant Thornton lawsuit

Parmalat investors may pursue Grant Thornton lawsuit

Lawsuit could probe into GT's role as auditor in dairy company's 2003 collapse

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.

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