Auditors settle with Parmalat investors

The auditors sued by US investors in Parmalat, the Italian dairy giant that
collapsed in 2003, have settled the claim with payments totalling $15m.

According to
documents filed in the Manhattan federal court show Grant Thornton has agreed to
pay $6.5m while Deloitte will pay $8.5m.

A lawyer representing investors, James Sabella of Grant & Eisenhoffer, is
reported by Reuters saying that such a settlement from the big accountancy
networks is a rare event.

Among the claimants were Hermes Focus Asset Management Europe, Cattolica
Partecipazioni, Capital & Finance Asset Management, Societe Moderne des
Terrassements Parisiens and Solotrat, Retuers says.

Deloitte agreed to pay Parmalat $150m in 2007.

Parmalat field for bankruptcy in 2003 while the business was struggling with
around $14bn of debts and after a €4bn hole had been uncovered in on the balance

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