FDIC files lawsuit against Ernst & Young
Northwestern Financial Review, Dec 1-Dec 14, 2002
The Federal Deposit Insurance Corp., has filed a $548 million lawsuit against Ernst & Young. The complaint alleges that Ernst & Young's misstatement of the assets of Superior Bank in Hinsdale, Ill., contributed to the savings and loan's failure. The $1.9 billion institution was closed in July 2001.
FDIC said in its lawsuit that the accounting firm did not disclose the misstatement of assets because it did not want to hurt the sale of its consulting business. A report by FDIC's Office of Inspector General said that Ernst & Young maintained that the bank was properly valuing its residual assets even after regulators began to question the evaluation.
Copyright NFR Communications Inc Dec 1-Dec 14, 2002
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