Banks, Financial Services, Legislation, Lithuania

Under the agreement, Deloitte will pay over 3 mln euros in compensation to the bankrupt bank. The sides have come to an out-of-court agreement which was on Thursday endorsed by Kaunas Regional Court.

"The sides are satisfied the issue has been resolved with a good-natured agreement beneficial for the two sides and for creditors of Ukio Bankas," a statement issued on Thursday says.

The agreement was reached without the evaluation and recognition of neither side's responsibility, the statement underlined.

The dispute was related to the audits Deloitte Lietuva carried out at Ukio Bankas before its collapse in 2013. Lithuania's audit and accounting service found significant drawbacks in Deloitte Lietuva's audits of Ukio Bankas' 2011 financial accounts during its investigation in 2014.