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Ernst Young

BUSINESS
October 20, 1997 | From Bloomberg News
Ernst & Young and KPMG Peat Marwick are expected to announce as early as today a merger that would form the world's largest accounting and consulting firm, people familiar with the discussions said. KPMG and Ernst & Young, which had combined revenue of $15.3 billion in 1996, are negotiating as a wave of mergers sweeps the financial services industry. Banks, brokers, insurers and accountants are trying to boost profits and slash expenses by combining.
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BUSINESS
September 15, 1998 | BRAD BERTON, SPECIAL TO THE TIMES
National accounting firm Ernst & Young has announced a plan to move its downtown headquarters and reconfigure its office sites in a way that will reduce employee commutes and put consultants closer to their clients. The upcoming changes in Southern California reflect a national trend by service companies to cut down on workers' travel time. The New York-based firm will discard the traditional "dominant central office" model in favor of smaller offices spread throughout the region.
BUSINESS
December 24, 2002 | From Reuters
Former clients have sued accounting firm Ernst & Young and two law firms for more than $1 billion for allegedly convincing them to enter into illegal tax shelters, the law firm representing the plaintiffs said in a statement Monday. The lawsuit alleged that the firms convinced more than 50 clients to enter into currency option trades to create paper capital losses that offset real capital gains on which they would have had to pay taxes, law firm Fensterstock & Partners said.
BUSINESS
June 16, 1993 | DAVID TOBENKIN, SPECIAL TO THE TIMES
When some of Ernst & Young's Orange County employees headed home last weekend, they left their offices for the last time. On Saturday, the giant accounting company eliminated three out of four private offices in the space it leases in Orange County. The employees who had been in those quarters now call ahead to book offices when they need space--just as they might reserve a hotel room.
BUSINESS
May 27, 1998 | PATRICE APODACA, TIMES STAFF WRITER
In another setback for Premier Laser Systems Inc., the Irvine-based maker of dental and medical lasers said its outside auditor quit and withdrew its financial report for the company's fiscal year ended March 31, 1997. The resignation of Ernst & Young is the latest blow to Premier, which a year ago was riding high on the promise of a breakthrough dental laser that was being touted as a harbinger of painless sessions in the dental chair.
BUSINESS
April 26, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
The Ernst & Young accounting firm will pay the state $1.5 million to settle charges that it was grossly negligent in 1987 audits of Lincoln Savings & Loan in Irvine and its parent firm. The settlement with the state Board of Accountancy also bars one of the accounting firm's Los Angeles partners from performing audits for a year as part of a three-year probation. In the settlement, Ernst & Young admitted no wrongdoing.
BUSINESS
July 10, 1991 | JAMES S. GRANELLI, TIMES STAFF WRITER
A federal judge has thrown out a $250-million lawsuit that the state attorney general had filed against Ernst & Young over the accounting firm's alleged negligence in auditing failed Lincoln Savings & Loan and its parent company. The dismissal last week guts the state's case against the few remaining defendants, including Charles H. Keating Jr., former chairman of the Irvine thrift's parent company, American Continental Corp. in Phoenix. U.S. District Judge Richard M.
BUSINESS
May 4, 1993 | From Associated Press
Overruling objections by its own regulators, the Bush Administration agreed in its closing days to shield accounting giant Ernst & Young from lawsuits filed by officials of failed thrifts. As a result, future legal judgments against the company in those cases will be paid by taxpayers.
BUSINESS
August 26, 2010 | By Joe Flint, Los Angeles Times
There will probably be a lot of surprise winners and losers at Sunday's Emmy Awards, but nothing that happens will catch Andy Sale off guard. That's because in his role as partner at the accounting firm Ernst & Young, his clients include the Academy of Television Arts & Sciences. Sale oversees the counting of votes for the prime-time Emmy Awards. In other words, he knows who will win before anyone else. It is a grueling process that wouldn't exactly make for spellbinding TV. Sale estimates that there are more than 20,000 ballots in both the nomination and Emmy rounds.
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