Deloitte Escapes Class Action over Longtop Audit

Deloitte Touche Tohmatsu Ltd. would undoubtedly like to forget how, from 2004 to 2010, it gave clean audit opinions to Longtop Financial Technologies, the U.S.-listed Chinese software company that collapsed in 2011 under the weight of a massive accounting scandal. On Wednesday Deloitte’s lawyers at Sidley Austin got their client little closer to washing its hands of the Longtop affair, when a judge in Manhattan dismissed the auditor from a securities class action brought on behalf of Longtop’s disgruntled U.S. investors.

via Deloitte Escapes Class Action over Longtop Audit — The Litigation Daily