DELOITTE TOUCHE PARTLY RESPONSIBLE FOR LIVENT CREDITOR LOSSES

Jan 08, 2016

By Michael Kramer

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The Ontario Court of Appeal has ruled that the corporate auditor for the once high-flying Livent theatre company was partly responsible – for the hundreds of millions of dollars creditors ended up losing.

The top court in the province has upheld an $85.6-million-dollar award against Deloitte and Touche – which now amounts to $118-million with interest factored in.

Earlier, a judge found the auditor had been negligent in failing to detect –  and act upon – the fraudulent behaviour of Livent’s partners in the 1990s.

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