New York State Attorney General Andrew Cuomo slapped Ernst & Young with a civil suit on Tuesday, accusing the Big Four accounting firm of perpetrating a massive fraud by misleading investors about the financial health of Lehman Brothers.
The case set forth by the Attorney General’s office accuses E&Y of signing off on Lehman’s use of so-called “Repo 105″ transactions that allowed the now bankrupt investment bank to mask the true state of its shaky bottom line beore its collapse in September 2008. (Click here for a copy of the 32-page complaint filed in state court in Manhattan on Tuesday and here for more on the suit from The Am Law Litigation Daily.)
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