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...
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Case Information

Case Title

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

Case Number



Appellate - 2nd Circuit

Nature of Suit

3850 STATUTES-Secur Comm Exchange

Date Filed

October 21, 2013

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