R E L A T E D C O N T E N T

Auditors settle with Parmalat investors

Grant Thornton and Deloitte agree terms with funds invested in Italian dairy giant

Accountancy Age, Accountancy Age 20 Nov 2009

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 Reuters 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 sheet.

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