PracticeAuditE&Y wins Caymans hedge fund row

E&Y wins Caymans hedge fund row

US Supreme Court dismisses deficient audit accusations levelled at Ernst & Young's Cayman Islands division

The US Supreme Court has thrown out negligent audit claims made against Ernst
& Young in the wake of a hedge fund collapsing.

Liquidators sued the firm’s Cayman Islands unit, accusing E&Y of
performing a below-par audit of the Beacon Hill Master hedge fund after it lost
$300m (£151m), almost half of its net asset value,
WebCPA
reported
.

In his ruling, Judge Charles Ramos said that the investment managers
effectively controlled every aspect of the fund’s operations and made material
misrepresentations to Ernst & Young.

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