BusinessCompany NewsFerox suing E&Y for early filing of its accounts

Ferox suing E&Y for early filing of its accounts

Hedge fund's case against Big Four firm is based on the early filing of its accounts, which it believes exposed the company to unwanted media attention

It has emerged that Mayfair-based hedge fund Ferox Capital Management has
launched its legal battle against E&Y – as first reported in
Accountancy Age – on the grounds that the firm filed its
2004 accounts too early.  

The
FT reported
that two people familiar with the claim had suggested Ferox accused E&Y
of filing its 2004 accounts at
Companies House
several months before other hedge funds did, red-flagging the
high-profile company for intense media scrutiny. 

Ferox claim the early filing exposed the company to unwanted media attention
with regards to the company’s performance and fund manager
Jeremy
Herrmann’s
£11.4m pay package for the period.    

The filings show that Ferox is seeking compensation of more than £300,000,
the highest level of damages that can be disclosed in a writ. E&Y said
recently: ‘Whilst Ernst & Young acknowledges that we have received a claim
form from Ferox Capital Management, we cannot comment on the particulars of the
case. We will, however, contest the claim vigorously.’ 

Further reading:

E&Y gears up to fight hedge fund
lawsuit

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor