Jan 08, 2016
By Michael Kramer
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.