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.