Ernst & Young Says NY Can't Go After Lehman Fees

Law360, New York (January 9, 2012, 8:31 PM EST) -- Ernst & Young LLP claimed Friday that New York state had gone beyond state securities law in its quest to seize over $150 million earned by the accounting giant for its work with bankrupt Lehman Brothers Holdings Inc., the subject of a fraud lawsuit.

In a motion filed in New York federal court, Ernst & Young said the demand for the fees — which the state attorney general's office claims Ernst & Young earned by conducting a massive accounting fraud on Lehman's behalf — violates both...
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