Deloitte & Touche SpA, the Italian arm of the Big Four firm, will pay Parmalat $149 million to settle investor claims accusing the firm of contributing to the Italian dairy company's collapse in December 2003.

Parmalat chief executive Enrico Bondi has accused dozens of businesses and financial institutions of helping former management inflate financial results. Parmalat collapsed at the end of 2003 under $14 billion in previously hidden debt, and nearly a dozen executives were sentenced to serve jail time.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access