Deloitte Not To Blame For Insurer's Collapse, Judge Rules

Law360, Los Angeles (June 7, 2013, 5:58 PM ET) -- A New York state judge on Thursday dismissed a lawsuit brought by Reliance Group Holdings Inc.'s bondholders and others blaming Deloitte & Touche LLP for the insurer's collapse more than a decade ago, ruling that there was a lack of evidence showing the auditor's reports caused Reliance's losses.

In a 61-page decision granting a defense motion for summary judgment, Judge Eileen Bransten ruled that RGH Liquidating Trust, which was created out of Reliance's 2001 bankruptcy to liquidate Reliance's assets and to receive its litigation and unsecured...
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