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