Related News
Ernst & Young faces civil fraud suit
Prosecutors in New York are set to file civil fraud charges against accounting firm Ernst & Young LLC over the collapse of Lehman Brothers Holdings Inc, the Wall Street Journal said, citing people familiar with the matter.
The suit, led by Andrew Cuomo, could come as early as this week and may seek to impose fines and other penalties, the paper said.
The lawsuit stems from Lehman's use of a controversial accounting technique called Repo 105, the paper said.
Lehman's court-appointed examiner, Anton Valukas, has said that the use of Repo 105, which dated back to 2001 and was used without telling investors or regulators, gave the impression Lehman was cutting its overall leverage levels in 2008 when it was not.
Lehman used Repo 105 to temporarily remove US$50 billion of assets from its balance sheet in 2008, according to Valukas's report released in March.
The suit, led by Andrew Cuomo, could come as early as this week and may seek to impose fines and other penalties, the paper said.
The lawsuit stems from Lehman's use of a controversial accounting technique called Repo 105, the paper said.
Lehman's court-appointed examiner, Anton Valukas, has said that the use of Repo 105, which dated back to 2001 and was used without telling investors or regulators, gave the impression Lehman was cutting its overall leverage levels in 2008 when it was not.
Lehman used Repo 105 to temporarily remove US$50 billion of assets from its balance sheet in 2008, according to Valukas's report released in March.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.