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Deloitte Granted Summary Judgment on Liability Claims against Former Vice Chairman

MR - Deloitte has won a partial summary judgment against former Advisory Partner and Vice Chairman, Thomas P. Flanagan, on the question of liability for allegedly trading securities based on confidential audit client information. Deloitte was granted the summary judgment on liability related to the firm's amended complaint claims for breach of fiduciary duty, breach of contract, common law fraud, and equitable fraud. Deloitte claims Flanagan traded in the securities of clients over 300 times over several years. According to the Court's Opinion, Flanagan contended that no evidence exists that he used Deloitte's Tracking & Trading System, so any errors related to improperly recording his trades must have been made by his secretary. Damages will likely be assessed only after a trial, unless a settlement is reached. (Includes opinion and complaint - (975 words) . . . (to read the remainder of this article, please log in below.)
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