Reider v. Arthur Andersen, LLP

In this case, plaintiff George M. Reider, Jr., Insurance Commissioner of the State of Connecticut (“Commissioner” or “Liquidator”), has brought suit against the accounting firm of Arthur Andersen, LLP (“Andersen”) in his capacity as Liquidator of First Connecticut Life Insurance Company (“First Connecticut”). In so doing, the Liquidator seeks to recover damages from Andersen for the estate of First Connecticut based on Andersen’s alleged role in misreporting the true financial status of First Connecticut to the State Insurance Department from 1992 through 1994, and thus in keeping First…