PracticeAccounting FirmsE&Y settles Ferox dispute out of court

E&Y settles Ferox dispute out of court

Big Four Firm resolves early filings dispute with disgruntled hedge fund by making a charitable donation

e&y

Ernst
& Young
has brokered an out-of-court settlement with Ferox Capital
Management, bringing a potentially damaging early filings law suit to a peaceful
conclusion.

The firm had been gearing up to mount its defence to the claims but reached
an eleventh hour settlement, agreeing to make a charitable donation for an
undisclosed amount and also avoiding a costly High Court battle.

In what was believed to be an unprecedented case Ferox had intended to drag E
&Y through the courts alleging that the firm had filed its 2004 annual
report at Companies
House
too early, exposing the company to unwanted media attention.

The Big Four firm said: ‘Ernst & Young and Ferox Capital Management have
settled their dispute regarding the filing of FCM’s accounts for the year to 31
December 2004, with Ernst & Young, at the request of FCM, agreeing to make a
charitable donation. Both Ernst & Young and FCM are pleased to bring this
matter to a close and will not be commenting further.’

Further reading:

Ferox suing E&Y for early filing of its
accounts

E&Y gears up to fight hedge fund
lawsuit

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