US judge rejects Grant Thornton summary

MNP merges with Ontario-based insolvency

Mid-tier firm changes leadership

US judge rejects Grant Thornton summary judgment

Investors may continue lawsuits against Grant Thornton after a
US federal judge rejected a summary judgment motion that had sought
to dismiss claims made by Parmalat investors against the mid-tier
firm. In a similar ruling to Deloitte’s summary judgment
application less than a month ago, Southern District of New York
Judge Lewis Kaplan determined that the relationship between Grant
Thornton International and Grant Thornton US, and how these
entities may have been linked to Grant Thornton’s former Italian
affiliate is at least triable.

The ruling paves the way for Parmalat investors to pursue legal
action against Grant Thornton International and the network’s US

Parmalat collapsed in 2003, following the discovery of one of
Europe’s largest frauds, which involved the understatement of
Parmalat’s debts by nearly $10 billion and the overstatement of net
assets by $16.4 billion.

MNP merges with Ontario-based insolvency firm

Horwath International member firm Meyers Norris Penny (MNP) has
merged with Shiner Kideckel Zweig, an insolvency specialist with
eight offices in Ontario, Canada. MNP entered the Toronto market
last June by merging with Horwath Oresntein and claims to be the
seventh-largest firm in Canada with 75 offices. The merger will be
effective from 1 March 2009 and the joint firm will operate under
the MNP brand.

Mid-tier firm changes leadership structure

UK firm BDO Stoy Hayward is to align its tax and audit practices
under Paul Eagland and reduce the size of its leadership team to
six from 1 April. The move will also allow key partners to spend
more time with clients.

The changes see Tony Perkins, formerly head of audit, and David
Anderson, formerly head of people, step down from the main
leadership team. The firm said both partners would remain at the
firm. Paul Eagland will assume overall responsibility for audit and
tax with managing partner Simon Michaels taking over the firm’s
people agenda. Jeff Jones will join as head of the firm’s Northern
region. A spokesperson said the changes were not the result of
staff cuts and no further staff reductions were planned.