Violation Tracker Individual Record

Company: 
Deloitte & Touche
Current Parent Company: 
Deloitte Touche Tohmatsu
Penalty: 
$19,900,000
Year: 
2012
Date: 
June 12, 2012
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

In a case brought by the Michigan AG on behalf of a state pension fund, Bear Stearns and Deloitte & Touche agreed to pay a total of $294.9 million to settle allegations that they misled investors during the collapse of Bear Stearns in 2008. The AG's announcement listed only the combined amount to be paid by the two companies. However, court documents in the federal court case -- 08-md-1963 in the Southern District of New York -- indicated that Bear Stearns was to pay $275 million and Deloitte $19.9 million.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Michigan Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Michigan
HQ Country of Parent: 
United Kingdom
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
business services
Specific Industry of Parent: 
business services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.