Wilmer Cutler Pickering Hale and Door and Mayer Brown split lead counsel duties advising Ernst & Young in settlement talks with federal regulators overs the accounting firm’s failure to report illegal activity at one of its clients — Bally Total Fitness (repped by Latham & Watkins).
In total, 11 Am Law 200 firms advised Ernst, Bally and eight individuals sanctioned by the Securities and Exchange Commission as part of a settlement believed to be the first ever in which the head of a major accounting firm’s national office faced sanction from a federal regulator, according to The New York Times.
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