Grant Thornton LLP and its international parent firm are striking back against a $10 billion lawsuit filed against them by bankrupt dairy giant Parmalat.

Following Parmalat's implosion, its chairman, Enrico Bondi, filed lawsuits in the United States against former outside auditors Grant Thornton and Deloitte Touche Tohmatsu and their U.S. and Italian affiliates, as well as Citigroup and Bank of America, seeking to recover damages stemming from its collapse.

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