Deloitte Touche

Feeling generally upbeat about the coming year despite higher interest rates and a volatile stock market, the vast majority of Los Angeles consumers plan to spend at least as much this holiday season as they did in 1999, according to a survey released Wednesday. Nationwide, 82% of the consumers said they plan to spend at least as much as last year, while 77% of Los Angeles shoppers expect to match or surpass last year's spending.

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.

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.

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.

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.

"Big Six" accounting firm Deloitte & Touche is about to give the long-suffering downtown office market a major shot in the arm with one of the biggest lease commitments the central business district has seen since before the early-1990s recession.