Ernst & Young has agreed to pay $10 million as part of a settlement with the Securities and Exchange Commission (SEC) related to charges of auditor independence misconduct perpetrated by several partners of the Big Four firm to secure Sealed Air as a client.
Current assurance partner James Herring and former partners James Young and Curt Fochtmann each agreed to pay individual penalties in addition to being suspended from practicing before the SEC for their roles in the misconduct. Herring will pay $50,000 and be suspended at least three years, while Young ($25,000, two years) and Fochtmann ($15,000, one year) received lighter punishments.
