E&Y sued for $900m over Madoff fund audit

E&Y sued for $900m over Madoff fund audit

Ernst & Young are being sued by the liquidators of a fund linked to jailed fraudster Bernard Madoff

ERNST & YOUNG faces a $900m (£578m) lawsuit for its audit of a fund linked to Bernie Madoff’s corrupt Ponzi scheme.

M-Invest was created to feed money into the imprisoned swindler’s firm, Bernard L. Madoff Investment Securities, and its liquidators are pursing the auditor for damages.

E&Y stands accused of negligence, malpractice and breach of contract.

A spokesperson said: “The suit has no merit and we will defend ourselves.” Eric Seiler, an attorney representing M-Invest, was unavailable for comment.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource