Ernst & Young Hit With Suit Over Parkcentral Collapse

By Jacqueline Bell

Law360, New York (August 26, 2010, 7:06 PM ET) -- Ernst & Young LLP has been hit with a lawsuit from a group of investors alleging accounting and auditing fraud connected with the collapse of Texas-based hedge fund firm Parkcentral Global LP cost them more than $17 million.

The lawsuit, filed Wednesday in the Harris County District Court in Texas, claims that Ernst & Young failed to properly audit two hedge funds sold by Parkcentral and did nothing to warn investors relying on its services of the risk of fraud. The suit also claims that Ernst...
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