The settlement between Parmalat, Deloitte & Touche and Dianthus has been approved by a judge in the Southern District Court of New York, meaning that the auditors will have to pay Parmalat an initial payment towards the US$149m agreed compensation by Friday (23 February).
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The deal, which was initially put forward in January, draws to a close legal proceedings brought by Parmalat over the accountancy group’s role in the financial collapse of the food group in December 2003.
It has been reported that this week’s initial payment is likely to be as much as $130m.
Parmalat has now reached settlements with a number of European financial institutions in its bid to regain some of the capital it lost in 2003, when the company was forced to default on debts of more than EUR14bn (US$18.4bn).
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