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In re Parmalat Securities Litigation

United States District Court for the Southern District of New York
474 F. Supp. 2d 547 (2007)

Written by Robert Cane, JD

Facts

Grant Thornton was an international accounting firm comprising a number of separate legal entities that used the Grant Thornton name. Grant Thornton International (GT-International) (defendant) created the policies and procedures for its member firms. Grant Thornton LLP (GT-US) (defendant) was based in the United States and was the largest member firm of GT-International. Grant Thornton S.p.A. (GT-Italy) (defendant) was a member firm based in Italy. GT-Italy conducted an audit of Parmalat Finanziaria, S.p.A. (Parmalat) during a period in which Parmalat allegedly committed fraud. Investors who had invested in Parmalat sued GT-International, GT-Italy, and GT-US. The investors sought to recover from GT-US under a theory of vicarious liability for violations of Securities and Exchange Commission (SEC) Rule 10b-5. GT-US filed a motion to dismiss, arguing that any false statement made by GT-Italy could not be attributed to GT-US, which was purported to be GT-Italy’s principal.

Rule of Law

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Issue

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Holding and Reasoning (Kaplan, J.)

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