Deloitte Not Liable For Mortgage Execs' Fraud, 9th Circ. Says

Law360, New York (April 22, 2013, 8:16 PM EDT) -- Deloitte & Touche LLP on Monday dodged claims that it allowed insiders at USA Commercial Mortgage Co. to steal from the now-bankrupt mortgage company and defraud investors when the Ninth Circuit affirmed a lower court ruling for the auditing giant.

A three-judge panel affirmed a summary judgment ruling for the mortgage company’s erstwhile external auditor, ruling that the lower court was correct to file that under the Nevada’s so-called sole actor rule, only the mortgage company is at fault for the fraud of its owners CEO...
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