February 14, 1998 |
KPMG Peat Marwick and Ernst & Young said Friday that they canceled plans to merge and create the world's largest accounting and consulting firm, acknowledging that regulatory hurdles got in the way. The cancellation comes a week after the European Commission began an extended antitrust probe of the proposed merger, which would have created a firm with sales of $18.1 billion.
October 20, 1997 |
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.
September 15, 1998 |
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.
May 21, 2002 |
The accounting profession, already reeling from the Enron Corp./Arthur Andersen scandal, suffered another hit Monday as federal regulators alleged that Ernst & Young violated rules designed to keep accountants independent from the companies they audit. The Securities and Exchange Commission said Ernst & Young compromised the independence of its audits of PeopleSoft Inc. by entering a business venture with the software company.
June 22, 1994 |
A Los Angeles jury Tuesday ordered Ernst & Young to pay $27.8 million in punitive damages to a Southland aerospace company that accused the accounting firm's legal services practice of fraud and malpractice. The judgment, in addition to a previous $14.2-million jury award against Ernst & Young for actual damages, may lead accounting firms to closely examine their fast-growing litigation support businesses.
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.