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US judge approves Parmalat ex-auditors settlement
March 11, 2010 / 11:17 PM / 7 years ago

US judge approves Parmalat ex-auditors settlement

NEW YORK, March 11 (Reuters) - A U.S. judge on Thursday gave final approval to a settlement under which former auditors of Parmalat SpA (PLT.MI) agreed to pay $15 million to settle a class action lawsuit by U.S. equity investors over their roles in the Italian dairy company's 2003 collapse.

Parmalat was restructured and relisted on the Milan bourse in 2005.

U.S. District Judge Lewis Kaplan, who has overseen much of the Parmalat-related litigation in the United States, entered the final judgment, according to court documents.

It is based on a partial settlement reached in September by the auditors Deloitte Touche Tohmatsu to pay $8.5 million and Grant Thornton International to pay $6.5 million.

Parmalat's collapse sparked litigation worldwide against dozens of banks, including Bank of America Corp (BAC.N) and Citigroup Inc (C.N) by current Parmalat management and by investors.

The cases are In re Parmalat Securities Litigation, U.S. District Court, Southern District of New York, No. 04-md-1653 and No. 04-0030. (Reporting by Grant McCool; Editing by Steve Orlofsky)

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