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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Ernst & Young Settles Lehman Investor Suit for $99 Mln

Ernst & Young Settles Lehman Investor Suit for $99 Mln

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VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ernst & Young Settles Lehman Investor Suit for $99 Mln

Ernst & Young LLP agreed to pay investors $99 million to settle litigation over its auditing of the bankrupt Lehman Brothers Holdings Inc., according to a filing in federal court in Manhattan.
The accord, disclosed by plaintiffs’ lawyers in a filing yesterday in federal court in Manhattan, would resolve claims of investors who bought certain securities issued by the firm from June 12, 2007, to Sept. 15, 2008, the date Lehman filed for bankruptcy, according to the filing. It requires the approval of U.S. District Judge Lewis A. Kaplan.

The proposed settlement is the result of more than three years of hard-fought litigation,” that included more than 50 depositions and the review of 26 million pages of documents, lawyers for the investors said in the filing.
Once the fourth-largest U.S. investment bank, New York-based Lehman filed for bankruptcy after losing 94 percent of its market value in the subprime mortgage crisis. Listing more than $613 billion in debt, it was the biggest bankruptcy filing in history.
Institutional investors including the Oklahoma Firefighters Pension and Retirement System and the Alameda County Employees Retirement Association challenged the firm’s financial statements leading up to the filing, Ernst & Young’s opinions about them and whether the bank and its auditor misrepresented or omitted material facts about Lehman’s financial condition, artificially inflating the value of its securities, according to yesterday’s filing.

Liability Denied
Ernst & Young settled the claim because it chose to put the matter behind it, Amy Call Well, a spokeswoman for the New York-based firm, said in an e-mail. Ernst & Young denies all liability to the plaintiffs, she said.
“Lehman’s audited financial statements clearly portrayed Lehman as what it was -- a highly leveraged entity operating in a risky and volatile industry,” she said in the e-mail. “Lehman’s bankruptcy was not caused by any accounting issues.”
A 2010 report by attorney Anton Valukas, appointed Lehman’s bankruptcy examiner, said the accounting firm could be accused of “professional malpractice” for its auditing work.
The case is In Re Lehman Brothers Securities and ERISA Litigation, 09-MD-2017, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Andrew Harris in federal court in Chicago at aharris16@bloomberg.net
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

http://www.bloomberg.com/news/2013-11-28/ernst-young-settles-lehman-investor-suit-for-99-mln.html

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CIFL auditors would have to pay compensation to investors in a country like USA..

But here....Sad Sad Sad Sad Sad Mad Mad Mad 

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CIFL shattered by Rodrigo, Rupasinghe, and Damboragama audit firm?

Published on Monday, 16 September 2013 11:00
Depositors of the Central Investments & Finance PLC (CIFL) accuses that the head of accounts section Chandralal Rodrigo and the last chairman Lakshman Rupasinghe must be accountable for collapse of the company.

It is said that both of them are colleagues of Central bank Governor Mr. Ajith Nivard Cabraal who are fully qualified Chartered Accountants.

Along with that, depositors accuses that even the K K Damboragama & Co. Maintained by Chartered Accountants Keerthi Damboragama and Padmasiri Wijayawardena in Nugegoda, which indirectly audited company accounts, must also be blamed for the company's doom.

Accusations have been leveled against this company which was the auditor of CIFL during its initial share release, for approving the over-estimation of the company's then assets.

Depositors express their surprise on how could fully qualified Chartered Accountants like these could not foresee the future fate of the company and take steps to prevent it.

Economists say this failure to ensure the trust in a public finance company, shows their professional negligence.

Meanwhile, another accusation has been made that investing 180 Million rupees in a housing project in Homagama had also helped in the crash of the company.

It is also said that the head of Accounts division Chandralal Rodrigo must be accountable for that.

At the moment KPMG audit firm has started a complete audit on the insider deals of CIFL.

Even in the collapse of Pramuka Bank and Golden Key company, the Chartered Accountants who did the auditing were subject to heavy criticism.

However, it is said that the KPMG audit report would reveal everything regarding the matter.

http://www.srilankamirror.lk/news/10525-cifl-shattered-by-rodrigo-rupasinghe-and-damboragama-audit-firm

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