Microsoft Word - 2015_10_30_ENG



PRESS RELEASE


Settlement between Parmalat and Grant Thornton


Parmalat S.p.A. and the Extraordinary Commissioner of the former Parmalat Group companies (collectively, Parmalat) on the one hand, and Grant Thornton International Inc., Grant Thornton International Ltd., and Grant Thornton LLP, on the other hand, have reached a full and final settlement of the litigation proceedings brought by Parmalat, currently pending before the Illinois Appellate Court, First District, and have also resolved any resulting or related disputes.


The lawsuit, commenced in 2004 by the Extraordinary Commissioner of Parmalat, concerned the audit activities performed by the Italian firm then known as Grant Thornton S.p.A.-a member firm of Grant Thornton International Inc.-in the period before the former Parmalat Group declared bankruptcy. It also asserted claims against Deloitte Touche Tohmatsu and several related entities, though those claims were settled in 2007. The lawsuit sought roughly 10 billion USD in damages.


The lawsuit was initially dismissed by the U.S. District Court for the Southern District of New York, and later by the U.S. District Court for the Northern District of Illinois. After appeals relating to jurisdictional issues, it was transferred to Cook County, Illinois, where it was dismissed in March 2015. The Extraordinary Commissioner appealed that dismissal.


This settlement provides a 4.4 million USD payment by Grant Thornton International Inc. to Parmalat and includes the parties' agreement that neither the settlement nor the payment may be construed as an admission of liability. In addition, the settlement fully and finally releases Grant Thornton International Inc., Grant Thornton International Ltd., and Grant Thornton LLP. The settlement precludes any present or future claim or finding of any nature against Grant Thornton International, Inc., Grant Thornton International Ltd., or Grant Thornton LLP in any case related to the issues arising from the mentioned activities or litigation proceedings.


Milan, October 30, 2015


Parmalat S.p.A.



Parmalat S.p.A. Sede: Via delle Nazioni Unite, 4 43044 Collecchio (Parma) Italia Tel.+39.0521.8081 Fax +39.0521.808322 Cap. Soc. € 1.837.538.112 i.v. R.E.A. Parma n. 228069 Reg. Imprese Parma n. 04030970968 Cod. Fisc. e P. IVA n. 04030970968

Società soggetta a direzione e coordinamento di B.S.A. S.A.

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