Navistar, the Illinois-based truck manufacturer with $12.1 billion in 2010 revenue, has sued its former audit firm, Deloitte, for $500 million in damages. Navistar claims that Deloitte's substandard work from 2002 to 2005 resulted in the company's having to restate its financials.
According to Reuters, a Deloitte spokesman called the lawsuit “an utterly false and reckless attempt to try to shift responsibility for the wrongdoing of Navistar's own management.”
In 2006, Navistar replaced Deloitte as its outside auditor after a relationship of 98 years. The company restated its financials for its 2003 and 2004 fiscal years, as well as part of 2005, according to Bloomberg.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
