E&Y sued for $900m over Madoff fund audit

ERNST & YOUNG faces a $900m (£578m) lawsuit for its audit of a fund linked to Bernie Madoff’s corrupt Ponzi scheme.

M-Invest was created to feed money into the imprisoned swindler’s firm, Bernard L. Madoff Investment Securities, and its liquidators are pursing the auditor for damages.

E&Y stands accused of negligence, malpractice and breach of contract.

A spokesperson said: “The suit has no merit and we will defend ourselves.” Eric Seiler, an attorney representing M-Invest, was unavailable for comment.

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