Reliance Insurance Case Dismissed On Reliance Grounds
After more than a decade of litigation, a court in New York has granted summary judgment dismissing claims of "actuarial fraud" against Deloitte & Touche. The claims were brought by creditors of the now defunct Reliance Insurance Company. The creditors, including banks, the PBGC, and others, sought to allege that they had relied on actuarial opinions issued by Deloitte's actuaries in making credit decisions surrounding Reliance.
The New York state court has now dismissed the claims. The court found that the creditors could not prove reliance or that the Deloitte had caused their damages. The decision is very fact-specific, as is typical for decisions regarding causation and...
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