New York Attorney General Eric Schneiderman says his office has reached a $10 million settlement with EY over its role in auditing Lehman Brothers financial statements, which infamously hid tens of billions in leverage before collapsing in 2008 at the peak of the financial crisis.
"After many years of costly litigation we are pleased to put this matter behind us, with no findings of wrongdoing by EY or any of its professionals,” EY said in a written statement.
Schneiderman says the $10 million will be distributed as restitution to Lehman Brothers investors, along with $99 million paid by EY to settle a private federal class action. An unspecified portion of the $10 million settlement will be retained by the state of New York for...Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.
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