Deloitte & Touche To Pay $24M To Settle Securities Suit

Law360, New York (June 30, 2006, 12:00 AM EDT) -- A federal judge has given preliminary approval to a settlement agreement in which Deloitte & Touche LLP will pay $24 million to end a class action securities suit stemming from the firm’s alleged role in the accounting fraud at Symbol Technologies Inc. that led to the restatement of company revenues, expenses and earnings from 1998-2001.

That restatement “wiped out approximately $234 million in revenue and $325 million in net earnings,” according to court papers.

A hearing will be held on Sept. 12, 2006 at the federal...
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