![]() ![]() London-based Ernst & Young employs about 140,000 people. Ernst & Young said at the time that it was misled by Cendant and had done nothing wrong. In 1999, Ernst & Young agreed to pay $335 million to shareholders of Cendant Corp to settle a case stemming from an accounting scandal at the travel and real estate service company. Cohen plays Nobby Butcher, a football-loving wanker from dead-end Grimsby, where he lives in clueless squalor with his wife (Rebel Wilson) and their 11 kids. The firm agreed to make internal changes and to be overseen by an outside monitor temporarily as part of the pact. In one major settlement, KPMG agreed in 2005 to pay $456 million to settle a federal investigation into questionable tax shelters, avoiding a potentially crippling criminal indictment. Since then, prosecutors have been wary of charging entire firms with fraud because of worries that another audit firm collapse would harm the financial system. Supreme Court reversed the Arthur Andersen conviction in 2005, but the firm was virtually out of business by then - and its reputation was shattered.Īndersen’s demise reduced the number of big accounting firms that audit most large companies globally to just four, including Ernst & Young. Securities and Exchange Commission already is investigating former Lehman chief Richard Fuld and other former top Lehman executives.Ĭuomo “wants to go after the one party he knows isn’t being sued,” said John Coffee, a professor of corporate law at Columbia University. People close to Cuomo said one factor in bringing the case was that he knows that the U.S. The lawsuit was filed by New York Attorney General Andrew Cuomo. #THE HIDER BROTHERS PLUS#The lawsuit seeks more than $150 million in fees that Ernst & Young received from 2001 to 2008 as Lehman’s outside auditor - less than 1 percent of its global annual revenue - plus other unspecified damages. The lawsuit says Lehman ran “a massive accounting fraud,” but it did not name as defendants any former top executives at the investment bank whose September 2008 collapse helped spark the global financial crisis. The civil fraud case contends that Ernst & Young stood by while Lehman used accounting gimmickry to mask its shaky finances. A view of the Ernst & Young headquarters in New York December 20, 2010. ![]()
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