Judge Allows Parmalat To Target Auditors' Subsidiaries

Law360, New York (March 20, 2006, 12:00 AM EST) -- Italian dairy firm Parmalat SpA has scored a mixed victory in a U.S. court, after a federal judge paved the way for the embattled company to seek some wider, international damages from its former auditors.

The auditors had sought to limit the reach of the lawsuit to the auditors’ Italian subsidiaries, while Parmalat has been banking its financial recovery on winning larger payouts from the firms’ wealthier umbrella affiliates.

Parmalat accused the auditors, Grant Thornton International and Deloitte Touche Tohmatsu, of contributing to its €14 billion...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.