Five executives working in Silicon
Valley have launched a lawsuit against Ernst
They are claiming that Big Four firm sold them a tax shelter that left them
owing millions of dollars in taxes, penalties and damages.
According to US reports, the five men invested more than $50m (£25.6m) in
total, a sum that the Internal Revenue Service
estimates would generate $150m (£75m) in tax losses.
Four of the five plaintiffs have ties to Cisco Systems.
Ernst & Young has declined to comment, saying the firm had not yet seen
the lawsuit, which was filed on 30 January.
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'