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EY agrees to $10 million settlement with New York

Thursday, July 16, 2015 @ 8:00 PM | By Jeff Buckstein

Accounting firm Ernst & Young’s United States office has agreed to pay New York state $10 million (all figures U.S.) to settle a civil lawsuit in connection with EY’s audit of Lehman Brothers Holdings Inc. prior to the investment bank’s decision to file for bankruptcy in 2008.

While the amount ultimately paid was only a fraction of the damages initially sought, the settlement will have major ramifications for auditors, say experts.

“After many years of costly litigation we are pleased to put this matter behind us,...