Supreme Court of Canada issues ruling on Livent-Deloitte case

The Supreme Court of Canada has issued its ruling on Deloitte & Touche v. Livent Inc.

In a 4-to-3 decision, the high court found Deloitte liable for its 1998 audit of Livent, but not for its approval of a press release and comfort letter to investors. The amount of the trial reward was reduced from $84,750,000 to $40,425,000. Among the three justices in dissent were the outgoing and incoming Chief Justices.

The profession is currently reviewing the ruling in depth and making a full assessment.

The complete ruling can be reviewed here.