Date: March 23, 2007
Source: News Room
The Canadian unit of Deloitte & Touche LLP recently agreed to pay US$50.5 million to settle an investor lawsuit stemming from its audits of Canadian waste management firm Philip Services. Ontario-based Philip Services declared bankruptcy in 1999 after saying it would restate financial results for three years over rogue copper trading. Investors accused Deloitte of failing to disclose that Philip Services' financial statements did not comply with U.S. and Canadian accounting principles.
For more information, visit: www.deloitte.com.
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