Ernst & Young Settles Tax Shelter Case

Law360, New York (April 20, 2012, 4:58 PM EDT) -- Ernst & Young LLP on Wednesday settled a lawsuit alleging it gave bad tax shelter advice to asset manager Bricolage Capital LLC, part of a larger scandal that bankrupted Bricolage and entangled attorneys and other individuals in criminal charges.

The parties filed a stipulation of discontinuance in New York state court, but no further details on the settlement terms were provided. Attorneys for neither Bricolage nor Ernst & Young immediately responded to requests for comment Friday.

In July, Judge Barbara R. Kapnick refused to dismiss the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.