ERNST & YOUNG is being sued for £8.5m by a private equity firm that claims the accountants incorrectly valued its investment into a business recovery practice.
The Big Four firm is being sued by Primary Capital, reports The Times. The private equity firm acquired Haines Watts Business Recovery in 2006, before the insolvency practice entered into a pre-pack administration two years later. It was sold to Tenon.
Primary Capital has made the claim after it lost its investment when the insolvency firm was sold on.
The claim is misconceived and will be vigorously defended,” E&Y said in the Times’ report.
Primary Capital has so far been unavailable for comment.
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