BusinessCompany NewsMove to sue Parmalat in US

Move to sue Parmalat in US

Grant Thornton, former auditors to collapsed dairy group Parmalat, has requested that an injunction protecting the Italian company from being sued in the US be lifted.

Link: Parmalat prosecutors issue more orders

The accountancy firm said it wanted the injunction lifted ‘so we have the ability to counter-claim and seek discovery against Parmalat’, reported BBC online.

Meanwhile, Bank of America, also embroiled in the accounting scandal, filed a claim for damages on Friday against some of Parmalat’s former executives in an Italian court.

Prosecutors in the Parmalat case are seeking to indict the Italian arms of group auditors Deloitte and Grant Thornton, which audited the group’s subsidiaries including the offshore unit in the Cayman Islands that is at the centre of the scandal. Both firms have denied any wrongdoing.

Parmalat was declared bankrupt in December 2003 with debts of 4bn euros (£2.8bn).

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