UK Watchdog Clears E&Y Over Lehman Client Funds Audit

Law360, New York (January 29, 2013, 6:05 PM EST) -- The U.K.'s Financial Reporting Council on Tuesday said it wouldn't seek sanctions against Ernst & Young LLP for its auditing of customer fund segregation at Lehman Brothers Holdings Inc.'s European arm, despite an administrator finding discrepancies in Lehman's accounts following the investment firm’s 2008 collapse.

According to the Financial Reporting Council, the body responsible for enforcing accounting and auditing standards in the U.K., it would not seek a disciplinary hearing for E&Y or any of its staff for alleged Lehman audit discrepancies, based on the findings...
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