Chicago (Aug. 20, 2004) -- Bankrupt Italian dairy giant Parmalat said that it is suing its former outside auditors, Grant Thornton International and Deloitte Touche Tohmatsu, and their U.S. and Italian affiliates, to recover damages stemming from its collapse.

The suit was filed Wednesday in Cook County, Illinois, Circuit Court by Enrico Bondi, who became chairman of the firm in December 2003 after it became insolvent. The lawsuit, which seeks $10 billion, alleges that the auditors overlooked fraud and looting that nearly led to the company's downfall, according to published reports.

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