Ernst & Young Settles Tax Shelter Case

Law360, New York (April 20, 2012, 4:58 PM EDT) -- Ernst & Young LLP on Wednesday settled a lawsuit alleging it gave bad tax shelter advice to asset manager Bricolage Capital LLC, part of a larger scandal that bankrupted Bricolage and entangled attorneys and other individuals in criminal charges.

The parties filed a stipulation of discontinuance in New York state court, but no further details on the settlement terms were provided. Attorneys for neither Bricolage nor Ernst & Young immediately responded to requests for comment Friday.

In July, Judge Barbara R. Kapnick refused to dismiss the...
To view the full article, register now.