NY AG Can't Seek $150M Lehman Fees From Ernst & Young

Law360, New York (December 12, 2012, 4:26 PM EST) -- A New York judge on Wednesday dismissed state Attorney General Eric Schneiderman's disgorgement claim over $150 million in fees Ernst & Young LLP had earned for its work with bankrupt Lehman Brothers Holdings Inc., ruling that he had failed to prove that consumers had been defrauded or that the state had lost money.

In a bench ruling granting Ernst & Young's motion to dismiss that particular claim in a broader suit, Judge Jeffrey Oing said the attorney general could not seek disgorgement under the Martin Act...
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