Ernst & Young Said to Face Fraud Lawsuit Over Lehman Audits
Bloomberg, Dec. 20, 2010
December 19, 2010 at 07:00 PM
1 minute read
The original version of this story was published on Law.com
Ernst & Young LLP may be sued for fraud by New York Attorney General Andrew Cuomo for allegedly helping Lehman Brothers Holdings Inc. mislead investors, according to a person familiar with the matter.
Cuomo, who was elected governor last month, may file the lawsuit this week, said the person, who wasn't authorized to speak publicly about the case. The suit would relate to Ernst & Young's audits of Lehman transactions aimed at downplaying its liabilities, the person said, adding that a settlement is still possible.
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