Ernst & Young LLP has agreed to pay $99 million to settle investor class-action allegations that it turned a blind eye when its audit client Lehman Brothers Holdings Inc. misled investors before the investment bank's 2008 collapse. The investors and Ernst "have reached an agreement in principle" to settle the litigation, the accounting firm and plaintiffs' attorneys both said. The two sides are in the process of drafting a formal settlement agreement, plaintiffs' attorneys said in a letter filed Wednesday in U.S. District Court in Manhattan. The settlement, which was reported this week by legal publications, will be subject to court approval. Ernst said in a statement that it "denies all liability" in the case and "chose to settle this claim to put this matter behind us."
For anyone keeping score at home, the $99 million is $9 million more than Lehman's officers and directors paid in their settlement.
It’s been increasingly obvious that Ernst & Young has the most talented video producers amongst the rank ‘n’ file Big 4 professionals. Last year we saw a video from the Las Vegas office (it was pulled) that was not the most impressive in terms of the talent presented but a Elvis impersonator made up for the rest of the group.
More recently from the Black and Yellow we’ve seen a farewell rock video and a mockumentary from across the pond (also pulled) that both demonstrate the sort of right-brained capabilities that exist within E&Y. Today, we bring you the latest in epic E&Y videos that brings voice to the frustration of being stuck in a JIT (“just-in-time”) cubicle.
So there’s a lot to digest here but I’ve got my favorite moments picked out:
1. I’m not sure who wears vests to the office these days but it’s fashion-forward and I like it.
2. Cursing right off the bat (and not letting up) score bigs points with Adrienne.
3. A Flavia diss is always apropriate.
4. Best lyric ever: I’M THE KING OF EY; ON A JET LIKE TURLEY; YOU’RE IN PUBLIC ACCOUNTING, NO YOU AIN’T LEAVIN’ EARLY
5. Kicking the roller was mean (but hilarious).
6. They should have known they were doomed when they wrote the lyric about a partner “seeing me now.”
7. Chuck Norris? Obama? Paddycake? Things really took a strange turn at the end.
The word from the tubes is that it’s been making the rounds inside and outside E&Y so we’re not exactly sure when this was made but our tipster was a little miffed about the possibility of these guys not having anything to do:
Here’s another video produced by auditors in the midst of busy season who somehow find time for this shit. This one comes courtesy of EY San Jose. Apparently it’s been making it’s rounds inside (and outside) of EY all day. HR must be thrilled at this use of company time (and property, from what it appears).
Apparently it never occurred to our tipster that this was a firm-sanctioned production since the Vegas vid went over so well. There’s only one way to find out so I left voicemails for both of these guys to try and get the behind-the-JIT story. So far I haven’t heard back from either of them but it’s still a little early out in San Jose. But whenever you can guys, email us.
Your thoughts on this latest bit of video ingenuity are welcome at this time.
According to a tip we received, beginning this week E&Y is requiring its professionals in Bermuda to charge 50 hours a week through mid-December. This is up from from the normal 40, according to our source.
Our source also indicated that the mandatory 50 hours is considerably more than what the other firms require, citing Deloitte who “has minimum 37.5 hours year round.”
For our friends working offshore, give us the scoop on your hours approaching year end. We also expect a few of you have worked in Bermuda and even more of you have worked with professionals in the Bermuda or other offshore offices, discuss your thoughts in the comments.
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It’s been increasingly obvious that Ernst & Young has the most talented video producers amongst the rank ‘n’ file Big 4 professionals. Last year