July 21, 2018

Lehman Brothers

EY Glad That Whole Lehman Brothers Thing Is Over

EY settled its litigation with the New York Attorney General today, paying $10 million to make Eric Schneiderman go away. The suit was originally brought by now-New York Governor Andrew Cuomo over four years ago. EY claims that this was the "last significant lawsuit" remaining and said, "After many years of costly litigation, we are pleased […]

NY State Is Serious About the Battle with EY Over Lehman Audit Fees

Not so fast, Ernst & Young. You may be able to rebrand and spout off a bunch of feel good hooey about integrity or whatever silly phrase you're using these days but you're gonna need a bigger rug under which to sweep Lehman, guys: A New York state appeals court on Thursday revived the New […]

EY Still Planning to Settle With Lehman Investors, Also Still in Denial

Back in October, it was reported that EY planned to settle with Lehman Bros investors, subject to court approval (EY's denial notwithstanding): 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 […]

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

This is rich. Michael Rapoport reports: 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 […]

Let’s Walk Down Memory Lane with Ernst & Young and Lehman Brothers

This week, lots of people are talking about the Lehman Brothers bankruptcy because five years is half of a decade and, well, it was the biggest bankruptcy in U.S. history so that counts for something. Yesterday, we linked to the DealBook story that explains why the SEC threw in the towel and for me, it's one […]

New York Won’t Be Getting Its Mitts on Ernst & Young’s Lehman Brothers Fees

Nice try, Schneiderman. The New York attorney general has no authority to claim $150 million in fees that Ernst & Young earned from Lehman Brothers Holdings in the years leading up to Lehman's collapse in 2008, a judge ruled on Wednesday. The state had sought the fees as part of a lawsuit against Ernst & Young […]

Anyone Holding Their Breath for the SEC to Give Lehman Brothers a Slap on the Wrist Will Be Passing Out Soon

Bloomberg reports that an internal memo states that the crack squad looking at the Commission is wrapping up their investigation and a stern talking to is the probably the worst it'll get for Dick Fuld et al.:  Under a heading reading “Activity in Last Four Weeks,” the undated document reads, “The staff has concluded its […]

Getting the Story of Lehman Brothers to Broadway Should Be Jim Turley’s Post-Retirement Passion Project

Ernst & Young Global CEO Jim Turley is being recognized for his work with the National Corporate Theatre Fund (NCTF) and he wrote a blog post over at Bloomberg BusinessWeek explaining how he became such a theatre buff: “I grew up in St. Louis. From the time I’m old enough to remember, I was lucky enough […]

Saturday Open Thread: The FASB Is All Show, No Substance

Welcome back to Saturday, folks. Once again, Saturday Open Thread is your opportunity to air any grievances, talk about your week, complain about failing the CPA exam, or berate Colin for the purple shirt he wore to the PCAOB open meeting on Wednesday. Let it all out, it'll help you head into Monday feeling slightly […]

Ernst & Young: Just Try and Come After Our Lehman Brothers Audit Fees

E&Y worked hard ignoring whistleblowers, goat poo assets, and cowering to unqualified CFOs to earn those fees from that Titantic of an engagement, so don't you think you can waltz into court and demand they give that money back.   Ernst & Young, which was sued by New York in 2010 for allegedly helping Lehman Brothers […]