November 13, 2018

Ernst & Young, Living in Denial, Settles with Lehman Investors for $99 Million

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.
 
[WSJ]

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Grant Thornton and the Antichrist

al pacino_devil.jpgIt’s rather mysterious that the New York office of Grant Thornton is located at 666 Third Ave. As I’m sure our more pious readers know, the significance of the 666 is commonly known as “The Number of the Beast“. We won’t get into any more specifics than that other than to mention that it is a pretty creepy-ass looking number.
Is G to the T run by a secret group of Al Pacino-esque figures that are working against the forces of good?
Maybe not but the otherwise boring-assness of that particular lobby is def working too hard to not be noticed…