April 08, 2016
The Second Circuit on Friday shot down a group of hedge funds' attempt to hold Deloitte & Touche LLP and its Shanghai subsidiary liable for audits they claimed glossed over $140 million in embezzlement and fraud at e-learning company ChinaCast Education Corp.
February 29, 2016
Hedge funds pressed the Second Circuit on Monday to revive their claims against Deloitte & Touche LLP and its Shanghai unit, but appeared to face headwinds in convincing the court they are entitled to an inference that the accounting giant colluded in a $140 million fraud perpetrated by the CEO of e-learning company Chinacast Education Corp.