Deloitte & Touche Escapes Suit Over Alleged Ponzi Losses

Law360, New York (January 23, 2013, 8:16 PM EST) -- A New York federal judge on Wednesday threw out an Iowa public pension fund’s suit against Deloitte & Touche LLP brought over lost millions in broker-dealer WG Trading Co. LP’s alleged Ponzi scheme, finding the fund didn’t establish that WGTC’s former accounting firm had a knowledge of wrongdoing.

U.S. District Judge J. Paul Oetken dismissed the case with prejudice, ruling that the securities fraud and breach of fiduciary duty claims fall flat, as the Iowa Public Employees’ Retirement System hasn’t shown that D&T’s actions in its...
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