The shareholders' lawyer says the summary judgment denial is "sending shock waves through the auditor community," but Deloitte still insists it had nothing to do with Parmalat's misconduct.

The Securities & Exchange Commission may still be hoping for a diplomatic solution to the tricky problem of obtaining audit records for Chinese companies, but that didn't stop the agency from turning up the heat on Monday with a case targeting the Big Four accounting firms and BDO Seidman.

The Supreme Court ruling barring securities claims by foreign investors is quickly reshaping the securities class action landscape. In the latest application of Morrison v. NAB, foreign investors in a Bahamian fund can't proceed with claims that several non-U.S. banks should have detected Bernie Madoff's Ponzi scheme.

After initially seeking $138 million from all defendants, shareholders settle for $8.5 million from Deloitte defendants and $6.5 million from Grant Thornton International.

Cite as: Eric Reisner v. Litman & Litman, P.C., 18527/07, NYLJ 1202473385518, at *1 (Sup NA, Decided September 14, 2010).Acting Justice Daniel Palmieri