In 2015, a jury ruled that Deloitte & Touche LLP wasn’tliable in Florida’s biggest-ever...

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Accounting

In 2015, a jury ruled that Deloitte & Touche LLP wasn’tliable in Florida’s biggest-ever insurance-company collapse. TheFlorida Department of Financial Services did not prove its claimsthat Deloitte was negligent in its audits for three insurancecompanies that collapsed after a string of hurricanes hit the statein 2004 and 2005. The state was seeking up to $850 million indamages. Deloitte had maintained that the insurance companies’collapses were caused by an unprecedented string of hurricanes, notby an audit failure.
Research this case to learn further details.
How was Deloitte allegedly connected to the damages in thiscase?
Why did the Florida Department of Financial Services decide tosue Deloitte?

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SolutionHow was Deloitte allegedly connected to the damages inthis case and why did the florida department of financial servicesdecide to sue deloitteIn a statement Deloitte said it wasgratified by the verdict and that it is committed to conductingaudits of the highest quality See Answer

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In: AccountingIn 2015, a jury ruled that Deloitte & Touche LLP wasn’tliable in Florida’s biggest-ever insurance-company...In 2015, a jury ruled that Deloitte & Touche LLP wasn’tliable in Florida’s biggest-ever insurance-company collapse. TheFlorida Department of Financial Services did not prove its claimsthat Deloitte was negligent in its audits for three insurancecompanies that collapsed after a string of hurricanes hit the statein 2004 and 2005. The state was seeking up to $850 million indamages. Deloitte had maintained that the insurance companies’collapses were caused by an unprecedented string of hurricanes, notby an audit failure.Research this case to learn further details.How was Deloitte allegedly connected to the damages in thiscase?Why did the Florida Department of Financial Services decide tosue Deloitte?