November 2, 2002 |
Bank regulators sued accounting firm Ernst & Young on Friday, alleging fraud, negligence and professional misconduct relating to audits of failed Chicago savings institution Superior Bank. The Federal Deposit Insurance Corp., in a lawsuit filed in the U.S. District Court for the Northern District of Illinois, sought $548 million in compensatory damages, plus punitive damages.
December 24, 2002 |
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.
June 16, 1993 |
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.
May 27, 1998 |
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.
April 26, 1991 |
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.
July 10, 1991 |
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.
May 4, 1993 |
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.
August 26, 2010 |
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.
March 12, 2010 |
In the months before Lehman Bros. collapsed in late 2008, setting off the global financial crisis, the investment bank used an accounting trick to make it appear to have greater liquidity than it did, a court-appointed examiner alleges in a report unsealed Thursday. A number of top Lehman executives, including former Chief Executive Richard Fuld, knew of the alleged manipulation and could be held liable for it, according to the report by Anton Volukas, who was appointed by the federal judge overseeing Lehman's bankruptcy to investigate the causes of the firm's demise.