Ernst & Young Pays $117M To Exit Sino-Forest Investor Suit

Law360, New York (December 3, 2012, 9:00 PM EST) -- Ernst & Young has agreed to pay CA$117 million ($117.6 million) to settle its part in a shareholder class action involving bankrupt Chinese timber company Sino-Forest Corp. and others, an attorney said Monday, as a Canadian regulator accused the auditor of securities law violations.

Dimitri Lascaris of Siskinds LLP, an attorney for the investors, told Law360 that “by Canadian standards this is the largest auditor settlement ever.”

However, Lascaris cautioned that the shareholder action, which also targets Sino-Forest's core management, the company's underwriters and another auditor,...
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