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Deloitte & Touche Faces Suit by Funds Over ChinaCast Losses

Deloitte & Touche LLP was sued by a group of investment funds over “tens of millions of dollars in losses” allegedly caused by the accounting firm’s failure to properly audit ChinaCast Education Corp.

The funds, including Columbia Pacific Opportunity Fund LP and Fir Tree Value Master Fund LP, are seeking to recover losses in ChinaCast securities purchased from March 31, 2008, to March 30, 2012, according to a lawsuit filed in federal court in Manhattan.