Streams

Cuomo Files Lawsuit Against Ernst & Young

Tuesday, December 21, 2010

New York attorney general Andrew Cuomo has filed a civil lawsuit against the accounting firm Ernst and Young.

Cuomo claims the firm helped the investment bank Lehman Brothers deceive investors by removing billions of dollars from its balance sheet. The state suit takes aim at Lehman's practice of temporarily moving liquid, fixed-income securities to European banks to make its financial statements look stronger.

The investment bank filed for Chapter 11 bankruptcy in September of 2008.

An Ernst & Young spokesman did not immediately return a call for comment Tuesday. The company declined to comment Monday when news of the impending lawsuit first surfaced.

Tags:

More in:

Leave a Comment

Email addresses are required but never displayed.

The Morning Brief

Enter your email address and we’ll send you our top 5 stories every day, plus breaking news and weather.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by