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.
November 22, 1999 |
Fifteen Southern California companies made the Deloitte & Touche national ranking of the 500 fastest-growing companies for 1999. Pasadena-based Internet service provider EarthLink Network came in third by boosting revenue 158,405% over a five-year period. Other Tech Coast companies in the top 100 were: Miravant Medical Technologies of Santa Barbara (No.
July 9, 2002 |
Adelphia Communications Corp. told federal regulators Monday that it decided in June it wasn't appropriate to give former auditor Deloitte & Touche any more information because of the accountant's "unreasonable refusal" to resume an audit of the cable television company. Adelphia made the comments in an amendment to a Securities and Exchange Commission filing in which it had disclosed letters Deloitte wrote the firm and the SEC claiming that Adelphia withheld data the accountants needed.
February 28, 1992 |
California insurance regulators Thursday accused former officials and associates of failed Executive Life Insurance Co. of fraud in a multibillion-dollar lawsuit that seeks reimbursement of losses for policyholders. The suit accuses Fred Carr, the former chief executive of Executive Life, and Michael Milken, the convicted Drexel Burnham Lambert junk bond trader, of fraud, misrepresentation, breach of fiduciary duty and other wrongdoing that led to the firm's collapse in April.
July 16, 1999 |
The accounting firm Deloitte & Touche said Thursday that it severed its relationship with 2TheMart.com, marking the latest of several setbacks for the company that plans to launch an Internet auction site. Shares of Irvine-based 2TheMart.com plummeted 21% on Thursday after the departure of the accounting firm was disclosed. The stock closed at $14, down $3.63 in heavy trading over-the-counter.
CALIFORNIA | LOCAL
May 17, 1998
Advocates for the mentally ill were shocked by the Board of Supervisors' 3 to 2 decision to merge mental health with welfare and create a new Human Services Agency on April 7. The supervisors hired the consulting firm of Deloitte & Touche to study the issue. The firm raised serious questions about Medicare / Medi-Cal reimbursement and the possible loss of millions of dollars if the license were moved from the Health Care Agency. As a result of that study the county [chief] administrative officer recommended that mental health care remain under the Health Care Agency.