In the largest securities settlement ever paid by an accounting firm, Ernst & Young has agreed to pay $335 million to settle a class action suit brought by shareholders of Cendant Corp. that accused E&Y auditors of negligence for failing to detect widespread fraud at one of Cendant’s predecessors.
Combined with the $2.8 billion settlement with Cendant that was announced earlier this month, the E&Y settlement swells the pot to more than $3.16 billion.
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