New York: The New York's attorney general is accusing accounting giant Ernst & Young of helping Lehman Brothers Holdings disguise its financial condition for more than seven years, while collecting more than $150 million in fees from the firm, according to a media report.
"New York's attorney general Andrew Cuomo is accusing E&Y of helping Lehman Brothers disguise its financial condition for more than seven years, while collecting more than $150 million in fees from the firm," The Wall Street Journal reported.
"New York's attorney general Andrew Cuomo is accusing E&Y of helping Lehman Brothers disguise its financial condition for more than seven years, while collecting more than $150 million in fees from the firm," The Wall Street Journal reported.
The lawsuit filed by Cumo alleges that firms engaged in practices to temporarily erase as much as $50 billion in Lehman assets. This often occurred near the end of a quarter, allegedly making the company look much healthier than it was, the report noted.
The two companies worked together from 2001 until Lehman's 2008 collapse.
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