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 has quit. The resignation of Ernst & Young LLP 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 dentist's 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.
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.
July 15, 2010 |
David Axene was flat on his back in a hospital bed with a swollen left leg. His kidneys had shut down. His blood pressure had plunged. Doctors pumped him with potent antibiotics to stave off a deadly infection. Yet there he was sifting through spreadsheets on his laptop, cradling his cellphone to his ear, waving off doctors to finish another conference call. California's top insurance watchdogs had hired Axene to scour Anthem Blue Cross' files for any flaw in the voluminous paperwork that accompanied its rate hikes of up to 39%. Anthem's plan to impose higher premiums March 1 had outraged consumers and politicians alike.
May 31, 2003 |
In a rare move, federal regulators are seeking to have Ernst & Young suspended from accepting new corporate clients for six months because of the big accounting firm's alleged failure to remain completely independent from companies whose books it audits. The Securities and Exchange Commission contended in a legal proceeding before an administrative law judge that Ernst & Young's internal controls were inadequate to prevent its auditors from becoming too cozy with client firms.