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Friedman Slammed With $72M Suit Over Accounting Errors

Law360, New York (April 2, 2015, 4:11 PM EDT) -- Leading Insurance Group Insurance Company Ltd. and its parent have hit Friedman LLP with a $72 million lawsuit for alleged deficiencies in its audit of the insurance agency that caused the New York Department of Financial Services to launch an investigation.

The suit, filed on Tuesday in Manhattan state court, claims that Friedman failed to identify or report errors in LIG’s loss reserve calculations and then tried to charge LIG to redo the audit. When LIG finally terminated Friedman's contract, it claims that Friedman withdrew its...
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