E&Y, Ex-Lehman Execs Hit With Accounting Fraud Suit

Law360, New York (June 24, 2011, 1:05 PM EDT) -- An attorney and a real estate investment group sued Ernst & Young LLP and two former Lehman Brothers Holdings Inc. executives in New York on Thursday for their alleged role in whitewashing the now-bankrupt bank's books.

Fifty-Ninth Street Investors LLC and Arthur Abbey, a partner at Abbey Spanier Rodd & Abrams LLP, allege that Ernst & Young helped Lehman use the controversial Repo 105 accounting technique to hide the bank's woes and fool them into investing with the company, according to the complaint, which also names...
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