Deloitte Touche Tohmatsu's Italian unit must pay €98 million ($130 million) from a legal settlement to Parmalat SpA by February 23, a judge ruled.
Deloitte Touche Tohmatsu agreed last month to pay $149 million to resolve claims it helped misrepresent Parmalat SpA's finances before the dairy operator declared bankruptcy on December 24, 2003. Parmalat, based in Collecchio, Italy, was seeking as much as $10 billion in damages in a case filed in New York federal court.
US District Judge Denise Cote yesterday ordered Deloitte to make its „initial $130 million payment” by February 23. Under the settlement, Parmalat will drop all claims against former auditor Deloitte & Touche SpA and its predecessor firm, Dianthus SpA.
Parmalat CEO Enrico Bondi has reached settlements totaling more than $775 million in the US and Italy. Parmalat still has claims pending against Citigroup Inc., Bank of America Corp. and accounting firm Grant Thornton International. (Bloomberg)