Parmalat Sues Deloitte, Grant Thornton

From Associated Press

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.

Grant Thornton said it "does not accept that this is a legitimate action and will defend its position vigorously."

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