Parmalat Sues Ex-Auditors
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Parmalat, the bankrupt Italian dairy and food company, is suing two of its former auditors, claiming damages of at least $10 billion.
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Fannie Mae yesterday sued its former auditor, KPMG, alleging malpractice by the big accounting firm when it approved years of financial statements that were riddled with errors.
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CHICAGO Italian dairy company Parmalat today filed a ten (B) billion dollar lawsuit against two auditors it accuses of overlooking fraud that nearly led to the company&#39;s downfall.
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Italy&#39;s justice system began hearings into the Parmalat scandal which rocked the world&#39;s leading financial institutions, ruined tens of thousands of small savers and pushed Italian and EU regulators into imposing tougher rules on high finance.
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ITALIAN dairy giant Parmalat owes its creditors billions of dollars, a judge ruled yesterday in a decision that will let big international banks become shareholders in a new listed company formed from the ruins of the collapsed group.
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Prosecutors in Milan have added four banks and an Italian bank's asset management arm to their investigation into the collapse of Italian dairy giant Parmalat, news reports said Thursday.
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Several big international banks have won a legal bid for recognition of billions of euros owed to them by Parmalat, putting them in line
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MILAN, Aug 18  - Parmalat sued its former auditors Deloitte &amp; Touche and Grant Thornton on Wednesday, broadening a legal battle to claw back billions of euros from ex-allies the food group says helped drive it into ...
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Grant Thornton and Bank of America have  filed motions in a New York court to remove a U.S. injunction  stopping them counter-suing insolvent Italian dairy group  Parmalat, which has sued each for $10 billion.
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LONDON, August 18 (New Ratings)  The insolvent Italian dairy food product company, Parmalat Finanziaria SpA (PAF.FSE), filed a lawsuit against its former auditors, Deloitte &amp; Touche and Grant Thornton, today, seeking damages of at least $10 billion.
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nrico Bondi, chairman of Parmalat Finanziaria, has sued Credit Suisse First Boston, seeking to recover 248 million euros ($306.8 million) from a transaction done before Parmalat collapsed in December in Italy&#39;s biggest bankruptcy.
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Parmalat, the bankrupt Italian dairy concern, sued its two former auditing firms for $10 billion in state court in Chicago on Wednesday, saying they should have detected the massive fraud that caused Parmalat to go under.
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Parmalat's government-appointed administrator filed a suit against Bank of America in federal court in North Carolina on Thursday, seeking damages as part of the company's efforts to recoup money from past dealings with the financial institution, the scandal-stung dairy giant said.
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Parmalat sues 45 banks as it tries to reclaim money paid to banks before the scandal-hit Italian dairy company went bust last year.
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11/10/2004 - Citigroup, the worldâs largest financial services group, hits back at the â¬14 billion debt-ridden Italian dairy group Parmalat, igniting a legal challenge against the administrators on Friday.
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PARMALAT, the bankrupt Italian food company, is suing outside auditors Grant Thornton and Deloitte &amp; Touche, seeking £5.5 billion in damages.
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Citigroup has sued Italian governmental authorities overseeing the Parmalat restructuring, arguing that their formula for paying off debt âtramplesâ creditorsâ and investorsâ rights.