Accounting firm Ernst & Young LLC may face civil fraud charges in New York for its alleged role in the demise of Lehman Brothers, according to a report.
The Wall Street Journal, citing anonymous sources, said in a Monday article that state Attorney General and New York governor-elect Andrew Cuomo may file the lawsuit this week, with the state possibly seeking fines and other penalties. The case alleges that Ernst & Young did not act in the appropriate manner while Lehman misled investors about its financial condition.
