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21 Apr 2010
A group of unsecured creditors is seeking permission to demands documents from Ernst & Young, the auditor of collapsed investment bank giant Lehman Brothers.
An official body representing the creditors, including Bank of New York Mellon and MetLife, is asking the judge dealing with the collapse of Lehman to allow it to ask for paperwork from the auditor, according to the Telegraph.
The request follows publication of a report from the court appointed bankrupctcy examiner, Anton Valukas, that accused Lehman of using the accounting treatment of so-called Repo 105 transaction to hide risky assets and critcised the auditor for its role as "negligent".
The creditors reportedly want to know the precise nature of "relations" between the bank and the auditor and they also want details of internal discussions at E&Y about the bank.
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Briefings
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