IFSC company launch multi-million dollar claim

A MULTI-MILLION dollar claim for damages has been launched in the High Court (Commercial division) by a re-insurance company, ESG Re Ltd of Bermuda, which has its primary subsidiary in Dublin’s Irish Financial Services Centre, against three firms of the world-wide accountancy group of Deloitte and Touche.

ESG Re Ltd claimed that from December 1997 until February 2002 it had been a publicly traded company, whose shares were registered with the US Securities and Exchange Commission and were traded on the NASDAQ stock market.

ESG Re Ltd, which claims to be a substantial provider of re-insurance and direct insurance services to insurers and financial institutions throughout the world, is claiming damages of $60 million against Deloitte and Touche LLP (a US firm); Deloitte and Touche (Bermuda) and Deloitte and Touche (Ireland) - (collectively D&T).