July 28, 2003 |
The bankruptcy trustee for United Companies Financial Corp., a mortgage lender and a darling of Wall Street that collapsed in 1999, is seeking to recover $1 billion in losses related to alleged fraud and deceit. What makes this case different is that the claim is lodged solely against the company's auditing firm, Deloitte & Touche.
May 20, 2003 |
Los Angeles-based Pacific Coin Management sued Deloitte & Touche for allegedly providing negligent tax advice. The pay-phone company claims in a lawsuit filed in Los Angeles Superior Court that Deloitte mistakenly said there would be no adverse tax consequences from a debt restructuring. The closely held company is seeking at least $2.2 million in damages. New York-based Deloitte didn't immediately respond.
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.
February 17, 2003 |
The board of directors of Deloitte Touche Tohmatsu, the world's No. 2 accounting firm, has named William Parrett as its new global chief executive. Parrett, managing partner of Deloitte & Touche, the company's U.S. unit, and Deloitte's Americas practice, would take over at a tumultuous time for the accounting industry, which has been battered by scandals involving energy company Enron Corp. and other firms.
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 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.
July 2, 2002 |
Adelphia Communications Corp. pressed former auditor Deloitte Touche Tohmatsu to certify an incomplete report to lenders and tried to withhold information from the accounting firm and the government, Deloitte said in a letter to the Securities and Exchange Commission. The cable operator, which hasn't released a 2001 financial report, fired Deloitte on June 9.
June 11, 2002 |
Already under federal investigation for its questionable accounting practices, cable television operator Adelphia Communications Corp. on Monday fired its auditor, Deloitte & Touche, and restated financial results for the last two years, acknowledging that the previous management team had overstated earnings, customer numbers and sales figures.
April 24, 2002 |
Deloitte Touche Tohmatsu will combine with Arthur Andersen's Italian practice and Ernst & Young will merge with the Malaysian and Luxembourg affiliates as the two firms divide Andersen's non-U.S. units. Deloitte has agreed to link with 12 of Andersen's overseas practices and Ernst & Young has snapped up 15 after an agreement for a global merger outside the U.S. between Andersen Worldwide and KPMG International broke up last month.
April 20, 2002 |
Partners in the Los Angeles office of accounting firm Arthur Andersen are in negotiations to sell parts of their Southern California business to rivals KPMG and Deloitte & Touche, according to people familiar with the talks. Until the Enron Corp. debacle, which has cost Andersen hundreds of clients and sparked massive layoffs, the firm's Southern California operations employed about 1,500 staff members and counted important businesses such as Occidental Petroleum Corp.