Accounting Firm Files for Bankruptcy: Laventhol &...

Accounting Firm Files for Bankruptcy: Laventhol & Horwath, the nation’s seventh-largest accounting firm, filed for bankruptcy court protection in New York as expected but said its partners would continue to service clients so the firm could pay its debts. Laventhol, which said earlier this week that it would be forced to take the step, said the bankruptcy filing was prompted in part by the cost of settling or defending itself against more than 100 lawsuits seeking tens of millions of dollars in damages. The suits primarily were initiated by clients challenging Laventhol audits or by shareholders of client companies claiming Laventhol provided faulty financial information.