You are mixing 2 different tasks that create your confusion: - the tentative review of a proforma version of accounting used for the IPO, which Deloitte did no

You are mixing 2 different tasks that create your confusion: - the tentative review of a proforma version of accounting used for the IPO, which Deloitte did not sign but where heavily discussed and to which Deloitte have access. - the formal audit of the financial statements, for which Deloitte did NOT give the ok (Francisco Celma, the responsible partner, did not sign), as it was not given all the information (but they did have items to work on, just not everything needed). Rodrigo Rato, then Bankia’s CEO, pushed Celma to sign without having reviewed all info; when he refused, Rato went forward with the IPO nonetheless. Also I think it is Celma in particular, and not Deloitte as a company, who is being sued (or is the one legally liable, irrespective of the suit; can’t really remember )