Vegas Businessmen Loses Appeal Involving Deloitte

The Nevada Supreme Court has rejected the appeal of two men who contended in their Las Vegas lawsuit that they lost more than $100 million because of defamatory statements made by New York-based Deloitte (FY11 net revenue of $11.9 billion), the Las Vegas Sun reported.

The court said the firm was required by federal law to reveal the allegations that the two men — Robert Cucinotta and Karim Maskatiya — were involved in criminal activity. The men founded Global Cash Access Holdings Inc., which provided cash access services to the Nevada gaming industry. The auditing firm had learned from an FBI bulletin that the men were suspected of being involved in such things as extortion, tax fraud and defrauding the gaming industry, and disclosed the information to the audit committee of the cash access firm, the newspaper reported. They say when the allegations surfaced, the cash access firm lost $400 million in market capitalization and they “personally lost over $100 million.”