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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies