Parmalat Suits Against Grant Thornton Revived by Court
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Two lawsuits by Parmalat SpA and its Parmalat Capital Finance Ltd. unit claiming damages from the accounting firm Grant Thornton LLP were revived by a federal appeals court in New York.
The appeals court ruled today that U.S. District Judge Lewis Kaplan in Manhattan, who was assigned to oversee federal Parmalat-related lawsuits from throughout the country, applied the wrong standard in deciding to exercise jurisdiction over the Grant Thornton suits, which were originally filed in Illinois state court in 2004 and 2005.