Tuesday, February 18, 2003

Accountants settle for $23M



The Associated Press

FRANKFORT - The former accounting firm of failed Kentucky Life Insurance Co. has agreed to a $23 million settlement with the state, the Kentucky insurance commissioner said Monday.

Insurance Commissioner Janie Miller, also the liquidator for Kentucky Central's assets, said Deloitte & Touche agreed to the deal on a case that dates back to 1994. The Department of Insurance had then named the company as a defendant in a lawsuit. "The settlement was fair and reasonable for all the parties, resolves a nine-year dispute and accrues to the estate of KCL to benefit Kentucky Central policyholders, creditors and stockholders," Miller said in a statement.

The insurance department had claimed in 1994 that Deloitte & Touche was negligent in the way it audited Kentucky Central's financial statements.




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