A US judge has ruled Ernst & Young (E&Y) are not liable for the
collapse of the Beacon Hill Master Hedge fund after liquidators sued the firm
for performing a deficient audit, where the value of the hedge fund was said to
Beacon Hill, which lost $US300m (?154m) in 2002, was charged with inflating
its mortgage-backed securities and its managers, denying the wrongdoing, settled
the case in 2004 for $4.4m.
According to Euromoney, the case may set a precedent for handling
accusations of blame which could occur as more hedge funds are forced into
liquidation because of the credit crunch.
However, this will depend on the outcome of an appeal against the court
judgment which has just been lodged.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements