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.