“It is safe to assume that we are looking at the conduct of a number of firms.”
~ Mary Schapiro, to a House appropriations subcommittee, not specifically naming Lehman Brothers or Ernst & Young.
Related Posts
Ex-EY Partner Not Getting His Day in Supreme Court
Robert Coplan, one of three former EY partners who were convicted of selling illegal tax […]
EY Remains the Most Audit-y of the Public Company Auditors
Congrats to EY for once again having more public company audit clients than any other […]
Can the Month of March Get Worse for Ernst & Young?
Today in non-Lehman Brothers Ernst & Young news, the firm has been sued by a liquidator in Luxembourg just a few weeks after a Lux court ruled that individual investors couldn’t bring suits against UBS and E&Y. The suit seeks over $400 million in damages against the two firms. The Iriving Picard de Lux is Alain Rukavina, who filed the suit today.
BBW reports that “Rukavina is one of two liquidators who in December sued UBS and Ernst & Young over Access International Advisors LLC’s LuxAlpha Sicav-American Selection Fund, which once had $1.4 billion in net assets.”
A UBS spokesperson stated that this development was not unexpected and we’re sure that E&Y isn’t yawning at this news, chalking it up to fairly typical Monday.
So in case you’ve been in a coma for the last week or so, you’re probably aware that JT and Co. haven’t had such a great March. Anyone got ideas for how they turn all these frowns upside downs? Do Canadian Tuxedos become standard dress code M – F? Does Jimbo send everyone a complimentary pair of Timberlands? An E&Y Hitler video to lighten the mood? Suggestions are welcome.
UBS, Ernst & Young Sued by Madoff-Fund Liquidators [Bloomberg BusinessWeek]