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 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.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceWhile the responsibility of auditors is often misinterpreted, the capabilities of the profession must still improve, according to market participants ...
View articleInvestigations into accounting fraud at Goals has involved HMRC, the FCA, BDO, RSM, Deloitte and could see KPMG on the wrong end of legal action, acco...
View articleRoger Isaacs - Forensic Partner at Milsted Langdon - talks about the Patisserie Valerie collapse and what its impact has been and the role of forensic...
View articleA summary of the cases of financial scandals, accounting fraud and corporate fraud which capitivated us last year and their implications Read More...
View articleAfter being on the brink of complete collapse, Patisserie Valerie and 2,000 of its jobs has been saved Read More...
View articleOver 920 people who were made redundant due to store closures will not be paid this month Read More...
View articleThe Financial Reporting Council has announced the closure of an investigation into PwC’s auditing and accounting of Tesco Read More...
View articleEY has been BG auditor since 2013, while it was recently appointed Royal Dutch Shell auditor Read More...
View article