Deloitte faces class action suits, fine in IL&FS probe

Deloitte Haskins and Sells Llp, the auditor of struggling IL&FS Financial Services Ltd (IFIN), may have to disgorge the audit fees it had received from the lender with penalty if a probe finds that the auditing firm had overlooked irregularities or colluded with the non-bank’s management, a person familiar with the investigation said.

Deloitte may also face class action suits from bondholders and shareholders of IFIN, the person said on condition of anonymity.

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