Ernst & Young Settles Cendant Case For $298M

Law360, New York (February 19, 2008, 12:00 AM EST) -- Auditing firm Ernst & Young LLP has settled a lawsuit brought by fraud-riddled travel and real estate giant Cendant Corp. for almost $300 million. The accounting firm allegedly failed to detect huge anomalies in company audits, according to a securities filing by a former Cendant subsidiary.

Buried within Realogy Corp.'s 8-K filing with the U.S. Securities and Exchange Commission was the news that its former parent, Cendant Corp., had entered into a settlement with Ernst & Young on Dec. 21, 2007 for an aggregate amount of...
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