Navistar, the Illinois-based truck manufacturer with $12.1billion in 2010 revenue, has sued its former audit firm, Deloitte,for $500 million in damages. Navistar claims that Deloitte'ssubstandard work from 2002 to 2005 resulted in the company's havingto restate its financials.
According to Reuters, a Deloitte spokesman called the lawsuit “an utterlyfalse and reckless attempt to try to shift responsibility for thewrongdoing of Navistar's own management.”
In 2006, Navistar replaced Deloitte as its outside auditor aftera relationship of 98 years. The company restated its financials forits 2003 and 2004 fiscal years, as well as part of 2005, accordingto Bloomberg.
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