2nd Circ. Won't Put Deloitte On $38M Hook In Ponzi Case

Law360, Los Angeles (March 17, 2014, 5:45 PM EDT) -- The Second Circuit on Monday shut down an Iowa retirement fund's bid to revive a suit alleging Deloitte & Touche LLP defrauded investors by improperly auditing WG Trading Co.'s alleged Ponzi scheme, finding the retirement fund had failed to show Deloitte was responsible for $38 million in losses.

The three-judge panel ruled that the Iowa Public Employees Retirement System’s allegations weren’t sufficient to show that Deloitte’s auditors had committed fraud by intentionally ignoring warning signs that WG Trading’s principals were stealing investor funds for their own...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Iowa Public Employee's Retirem v. Deloitte & Touche LLP


Case Number

13-3951

Court

Appellate - 2nd Circuit

Nature of Suit

3850 STATUTES-Secur Comm Exchange

Date Filed

October 21, 2013

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.