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Ernst & Young faces civil fraud suit
By Santosh Nadgir |
December 21, 2010, Tuesday
|
Print Edition
Print Edition
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.
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