Ernst & Young Hit With Suit Over Software Valuation

Law360, New York (July 1, 2008, 12:00 AM EDT) -- A Canadian software-holding company hit Ernst & Young LLP with a lawsuit Friday, claiming that the consulting firm misjudged the value of a software application in 1993 and as a result, lost the company over $10 million.

Pan-Afric Holdings Ltd. filed a complaint in the U.S. District Court in Maryland against the global financial services company, alleging negligence, breach of contract, accountant malpractice and monetary damages due to a mathematical error.

In the suit, Pan-Afric said it did not notice the error until 2005, when the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.