``he lawsuit, filed in 2010, claimed that for more than seven years leading up to Lehman's 2008 bankruptcy, Ernst & Young made use of transactions known as "Repo 105s," which removed tens of billions of dollars from the bank's balance sheets, misleading investors and others about the bank's financial condition.

Ernst & Young has said it acted properly and that Lehman's accounting complied with national standards.

In court, David Ellenhorn, senior trial counsel to the state attorney general, argued the judge wasn't viewing the relief correctly. "Disgorgement is a remedy to prevent the wrongdoer from obtaining ill-gotten gains," he said.''

Comments: Be the first to add a comment

add a comment | go to forum thread