The Commission has reportedly settled one of its earliest
and most high profile market crisis cases, the action against former Bear
Stearns fund managers Ralph Cioffi and Matthew Tannin. SEC v. Cioffi, Case
No. 08-2457 (E.D.N.Y. Filed June 19, 2008). The SEC's action was brought in
Deloitte has settled a shareholder case against the firm stemming from their role as
auditor of Bear Stearn s, one of the early financial services firms to fail,
be force sold or nationalized during the financial crisis of 2008-2009.
Deloitte was dangerously close to having to answer for its actions...