Parmalat settles with Deloitte

COLLECCHIO, Italy— Parmalat S.p.A. and Deloitte & Touche S.p.A. announced they have settled damages suits related to the Italian dairy firm's 2003 bankruptcy scandal.

In a joint statement, Parmalat, Deloitte & Touche and Dianthus S.p.A., the company that operated in Italy under the Deloitte & Touche name until July 2003, said that they had settled damages claims filed by Parmalat and counterclaims filed by the audit firms.

Under the terms of the settlement, Deloitte & Touche and Dianthus will pay Parmalat $149 million.

Upon payment of that sum, the companies have agreed to withdraw all pending actions between them.