Federal Contractor Misconduct Database (FCMD)
Reliance Insurance Company Audit
The Pennsylvania Insurance Department filed a lawsuit against Deloitte, the auditor of Reliance Insurance Company, which was liquidated in 2001 after a shortfall of over $1 billion in assets was discovered. The civil suit accused Deloitte Touche LLC 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 officials. In November 2008, Deloitte settled the lawsuit for $40 million.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type