Yesterday in Chicago, Enrico Bondi, the Parmalat administrator filed a £10bn, 132-page lawsuit against Deloitte Touche Tohmatsu and Grant Thornton International as well as their Italian and US affiliates.
But leading academics in the US claimed Bondi would not succeed in the US claims, the Financial Times reported.
James Cox, professor of corporate and securities law at Duke University in North Carolina, said with respect to the US firms: ‘I think the defence of these cases is likely to be successful: that is, the work done in the US was without any culpable behaviour.’
John Coffee, professor of law at Colombia University in New York, said Bondi would have to show a conspiracy involving the US arms of Deloitte and Grant Thornton while Stella Fearnley, accounting professor at the University of Portsmouth in the UK, also raised doubts that Bondi could succeed with the US claim.
Both Deloitte and Grant Thornton have said they would defend themselves vigorously against the charges.
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton