Deloitte To Pay Pa. $40M In Reliance Insurance Deal

Law360, New York (November 25, 2008, 12:00 AM EST) -- Deloitte & Touche LLP has agreed to pay $40 million to Pennsylvania insurance authorities to settle litigation arising from audits the company performed for defunct insurance provider Reliance Insurance Co.

Pennsylvania Insurance Commissioner Joel Ario said Monday that the settlement would directly benefit Reliance policyholders, bringing the total amount of recoveries related to the company's collapse to $145 million.

The insurance department already has recovered $45 million from Reliance's parent companies and about $60 million from the settlement of actions against the company's former officers and...
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