A state lawsuit that alleged that Deloitte & Touche LLP was negligent in its auditing of the now-bankrupt carrier Reliance Insurance Company has been settled for $40 million, a Pennsylvania official said.
Insurance Commissioner Joel Ario, the statutory liquidator for Reliance Insurance Company, announced yesterday that the Insurance Department had completed a $40 million settlement with Deloitte & Touche LLP in connection with the firm's auditing services for Reliance.
"We have fought long and hard in this case, and we are pleased with this settlement," Commissioner Ario said in a statement, adding that the goal in this, and prior actions, has been to maximize recovery for Reliance policyholders from its parent companies, management and outside professionals.
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