E&Y Sued Over Petters Feeder Fund Involvement

Law360, New York (September 24, 2010, 6:40 PM EDT) -- Ernst & Young LLP has been hit with a putative class action accusing it of misleading investors in its audits of the Stewardship Credit Arbitrage Fund LLC, which was allegedly tied to Tom Petters' $3.7 billion Ponzi scheme.

Terence Isakov filed a complaint on behalf of all investors in the Stewardship fund between March 15, 2006, and Oct. 22, 2008, in the U.S. District Court for the District of Connecticut on Friday.

From at least 2003 to 2008, E&Y subsidiaries Ernst & Young Ltd. Bermuda and...
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