Deloitte Not To Blame For RGH Creditors' Losses, Atty Says

Law360, New York (September 13, 2012, 3:12 PM EDT) -- A Deloitte & Touche LLP attorney told a New York state judge Thursday that defunct Reliance Group Holdings Inc.'s bondholders and others couldn't blame the auditor for the insurer's collapse a decade ago, arguing that Deloitte's reports didn't cause the plaintiffs' alleged losses.

RGH Liquidating Trust, which was created out of Reliance's 2001 bankruptcy to liquidate Reliance's assets and to receive its litigation and unsecured creditors' claims, has alleged that Deloitte issued audit and actuarial reports in early 2000 that overstated the insurer's surplus by more...
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