Ernst & Young May Face Lawsuit

New York accounting firm, Ernst & Young may face charges of misconduct in handling accounting records of Lehman Brothers, the investment bank at the center of the financial crisis. Ernst & Young certified the investment corporation's financial statements from 2001 through 2008, according to a New York Times article titled “Ernst & Young Faces Suit over Lehman” published on December 20, 2010. Regulators are preparing to file suit against the accounting corporation. This would be the first significant legal action related to the Lehman Brothers collapse.