E&Y, PwC To Pay $28M In Metropolitan Securities Suit

Law360, New York (February 24, 2010, 3:56 PM EST) -- Accounting firms Ernst & Young LLP and PricewaterhouseCoopers LLP have agreed to pay a total of about $28 million to settle a lawsuit over their role in an alleged securities fraud connected with stocks and debt issued by now-defunct Metropolitan Mortgage & Securities Co.

Ernst & Young will pay $14.25 million, according to a motion filed Tuesday in the U.S. District Court for the Eastern District of Washington seeking approval of the deal. PricewaterhouseCoopers will pay $13.9 million, according to a spokeswoman for the company, which...
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