June 23, 1994 |
IDB Expects New Auditor Soon: The Culver City telecommunications company said that by the end of the month it probably will hire a replacement for Deloitte & Touche, which quit in a dispute with IDB over the company's accounting practices. Separately, an IDB executive confirmed that President Edward Cheramy was two months tardy in reporting to the Securities and Exchange Commission that he sold 300,000 shares in March.
February 22, 2003 |
Accounting firm Deloitte & Touche agreed to settle claims stemming from its audit of collapsed insurer Kentucky Central Life Insurance Co. for $23 million, according to court documents. The settlement agreement was filed in Kentucky's Franklin County Circuit Court for approval. A hearing may be held in early March. The settlement resolves all allegations against Deloitte related to its role as auditor of Kentucky Central Life, which collapsed in 1993.
August 19, 2004 |
Italian dairy company Parmalat sued Grant Thornton International and Deloitte Touche Tohmatsu for $10 billion, saying the auditors overlooked fraud and looting that nearly led to the company's downfall. The lawsuit, filed in Chicago by the insolvent conglomerate's new management, alleges that the company has lost more than $10 billion because of Grant Thornton's and Deloitte's audits and other actions.
July 22, 2002 |
Arthur Andersen Business Consulting, the German consulting business of Arthur Andersen, is merging with Deloitte Consulting, the German unit of Deloitte Touche Tohmatsu's management consulting business, the German business newspaper Handelsblatt said, without citing a source. A letter of intent has been signed, and the companies plan to make the merger public next week, Handelsblatt said.
July 15, 2005 |
A federal judge refused to dismiss a lawsuit that accused Deloitte Touche Tohmatsu and Grant Thornton International of helping Italian dairy company Parmalat Finanziaria to understate its debt and overstate its assets. The ruling by U.S. District Judge Lewis Kaplan in New York is the second in three weeks in which he has refused a request by the two accounting firms to dismiss a lawsuit. He ruled June 28 that a suit by Parmalat stockholders and bondholders could proceed.