The Pennsylvania Insurance Department has filed suit against Big 5 accounting firm Deloitte & Touche for inflating Reliance Insurance Co.'s financial statements by $1 billion and contributing to its financial collapse last year.
Pennsylvania Insurance Commissioner M. Diane Koken is lead plaintiff, accusing Deloitte and Deloitte principal actuary Jan A. Lommele of "professional negligence and malpractice, misrepresentation, breach of contract, and aiding and abetting breaches of fiduciary duties" by Reliance chairman Saul P. Steinberg and other former Reliance officers and executives."Deloitte...
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