NY AG Can Seek $150M Of E&Y's Lehman Fees: Appeals Court

Law360, Los Angeles (February 20, 2014, 8:14 PM EST) -- A New York appeals court on Thursday revived state Attorney General Eric Schneiderman's disgorgement claim over $150 million in fees Ernst & Young LLP earned for its work with bankrupt Lehman Brothers Holdings Inc., finding a lower court erred when it ruled the state couldn't seek the fees.

A five-judge panel unanimously reversed Judge Jeffrey Oing's December 2012 decision that Schneiderman can't seek disgorgement under the Martin Act and New York executive law because he failed to show that consumers were defrauded or that the state lost...
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