E&Y sued for $900m over Madoff fund audit
Ernst & Young are being sued by the liquidators of a fund linked to jailed fraudster Bernard Madoff
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.