PracticeAuditE&Y has AOL-Time Warner case thrown out

E&Y has AOL-Time Warner case thrown out

Final lawsuit over controversial merger dismissed

Ernst & Young is finally in the clear over its role in the controversial
2001 AOL-Time Warner merger after the last of hundreds of lawsuits was dismissed
in New York yesterday (30 Nov).

District judge Colleen MacMahon granted the Big Four’s motion to dismiss the
2003 lawsuit brought by AOL shareholder Dominic Amorosa as the time limit for
securities fraud cases had expired and the cases had failed to connect the
statements made by the auditor to stock losses.

Amorosa had accused E&Y of approving false and misleading financial
statements and concealing AOL’s improper methods of booking online advertising
revenue. E&Y claimed Amorosa, who dropped out of a class action lawsuit to
file his own case, was a “vexatious litigant pursuing clearly frivolous claims”.

Related Articles

EY audit conflicts weigh on Royal Dutch Shell-BG Group deal

Audit EY audit conflicts weigh on Royal Dutch Shell-BG Group deal

2y Calum Fuller, Reporter
Auditors face FTSE 350 concerns over cost of transition to new EU audit rules

Audit Auditors face FTSE 350 concerns over cost of transition to new EU audit rules

2y Calum Fuller, Reporter
PwC to take on Weir Group audit

Accounting Firms PwC to take on Weir Group audit

2y Calum Fuller, Reporter
‘Ten years’ to see fruits of mandatory rotation – Non-Big Four auditors

Audit ‘Ten years’ to see fruits of mandatory rotation – Non-Big Four auditors

2y Calum Fuller, Reporter
Mandatory audit rotation 'further entrenches' Big Four

Audit Mandatory audit rotation 'further entrenches' Big Four

2y Calum Fuller, Reporter
Stagecoach set for EY audit appointment

Audit Stagecoach set for EY audit appointment

2y Calum Fuller, Reporter
EY extracts Vedanta Resource audit as Deloitte tenure ends

Accounting Firms EY extracts Vedanta Resource audit as Deloitte tenure ends

2y Calum Fuller, Reporter
PwC appointed as auditor to probe Vatican finances

Accounting Firms PwC appointed as auditor to probe Vatican finances

2y Chris Warmoll, Writer