Deloitte Hit With $500M Suit Over Navistar Accounting

Law360, New York (April 26, 2011, 9:30 PM EDT) -- Navistar International Corp. reportedly hit its former auditor, Deloitte & Touche LLP, with a $500 million suit in Illinois state court Tuesday over alleged malpractice that forced the truck manufacturer to revise its financial statements.

Navistar said in its complaint that Deloitte accountants' missteps between 2002 and 2005 forced the company to adjust its financial reports to reflect a $1.12 billion discrepancy — touching off several investor lawsuits and a U.S. Securities and Exchange Commission probe, according to the Associated Press.

“Deloitte lied to Navistar and,...
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