Deloitte Absolved By Appeals Court Ruling

Law360, New York (February 1, 2007, 12:00 AM EST) -- The U.S. Court of Appeals for the Second Circuit on Wednesday affirmed a lower court ruling that dismissed Deloitte & Touche LLP from a lawsuit brought by shareholders over the 2001 collapse of Warnaco Group Inc.

The case, which was appealed from the U.S. District Court for the Southern District of New York, alleged that Deloitte, which served as an outside accountant to Warnaco, made numerous misstatements about the company’s financial condition. Warnaco filed for bankruptcy in June 2001.

The district court concluded in September 2005...
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