PracticeAuditLehman creditors seek documents from auditor

Lehman creditors seek documents from auditor

Ernst & Young under more pressure in the US over bank collapse

A group of unsecured creditors is seeking permission to demands documents
from Ernst & Young, the auditor of collapsed investment bank giant Lehman
Brothers.

An official body representing the creditors, including Bank of New York
Mellon and MetLife, is asking the judge dealing with the collapse of Lehman to
allow it to ask for paperwork from the auditor, according to the
Telegraph.

The request follows publication of a report from the court appointed
bankrupctcy examiner, Anton Valukas, that accused Lehman of using the accounting
treatment of so-called Repo 105 transaction to hide risky assets and critcised
the auditor for its role as “negligent”.

The creditors reportedly want to know the precise nature of “relations”
between the bank and the auditor and they also want details of internal
discussions at E&Y about the bank.

Read more:

Lehman
Special Report

Banks
asked if they used Lehman accounting trick

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