Financial Services Industry
Industry: Email Alert RSS FeedCourt rejects FDIC action against Ernst & Young
Bank News, June, 2003 by Anonymous
Action brought by the FDIC against Ernst & Young LLP has been dismissed in the U.S. District Court, Northern District of Illinois. Judge Robert W. Gettleman granted Ernst & Young's petition for dismissal for lack of standing by the FDIC.
The FDIC suit alleged fraud, gross negligence and accounting malpractice arising from the audit of the failed Superior Bank FSB, Hinsdale, Ill. The bank's subprime lending contributed to its failure in July 2001. The FDIC claimed that Superior overvalued the residual interests after selling securitized loans to investors and that the auditor's overvaluation of Superior's assets made Superior appear extremely profitable, when in fact it was losing substantial amounts of money. The FDIC alleged that Ernst & Young was motivated to...
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