Court OKs $50.5M Deloitte Settlement In Investor Suit

Law360, New York (March 23, 2007, 12:00 AM EDT) -- A federal court has signed off on a settlement agreement under which the Canadian unit of Deloitte & Touche LLP will fork over $50.5 million to lay to rest a long-running investor lawsuit over its audit of Canada’s Philip Services Corp., a plaintiffs’ lawyer said Friday.

The settlement, which totals $79.75 million, was approved by the U.S. District Court for the Southern District of New York on Monday and marks the largest sum ever paid by a Canadian auditing firm in a securities class action lawsuit,...
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