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.
that two people familiar with the claim had suggested Ferox accused E&Y
of filing its 2004 accounts at
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
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.’
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