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Ernst & Young Sued for $900Mn over Madoff
December 5, 2011
Ernst & Young has been sued for $900 million by the liquidators of a fund that once funneled money to the Bernie Madoff's investment firm. The lawsuit, filed on behalf of M-Invest Ltd, accused E & Y of negligence, professional malpractice and breach of contract over its audits for M-Invest from 2003 through 2007.
Union Bancaire Privee, a private Swiss bank, created the M-Invest "feeder fund" solely to invest client assets with Madoff's firm, Bernard L. Madoff Investment Securities LLC.
Irving Picard, the trustee liquidating Madoff's firm and seeking money for its victims, reached a $500 million settlement with Union Bancaire and M-Invest a year ago. That accord won bankruptcy court approval last January.
Spokespersons for Ernst & Young and Eric Seiler, a lawyer for the liquidators of M-Invest, also did not immediately return Reuters calls. [Reuters 12/5/11]
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