Ernst & Young

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EY Global Fraud Survey: “Depressing,” yes, surprising, no.

In an August 21, 2014 post concerning the Ernst and Young (EY) 12th Global Fraud Survey (link here for download), Cindy Knezevich, (Vice President of Marketing Operations at The Network), states, “it’s shocking how little...more

3 Depressing Conclusions in E&Y’s Global Fraud Report – More Anti-Bribery Training, Internal Controls Required

I just finished reading Ernst & Young’s “Growing Beyond: A Place For Integrity”, the company’s 12th Global Fraud Survey. It’s pretty sobering, but I’m trying to find some glimmers of hope in it. Don’t get me wrong; the...more

This Week In Securities Litigation (Week ending July 18, 2014)

The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court...more

EY Sanctioned For Acting As An Advocate For Audit Clients

Auditor independence is critical. The opinion issued by the audit firm regarding the financial statements of an audit client represents in part that the firm is independent. That judgment is based on an assessment of all the...more

Alabama Confirms Arbitrators’ Grant of Judgment As A Matter of Law

Just as SCOTUS held its nose and confirmed an arbitration award it thought stunk in Sutter, the Supreme Court of Alabama has confirmed an arbitration award made after only the claimant presented evidence and grounded in a...more

Audit Firm Ordered To Disclose PRC Working Papers To SFC Despite PRC "State Secrets Law" Concerns

On 23 May 2014, the Securities and Futures Commission of Hong Kong ("SFC") successfully obtained an order from the High Court of Hong Kong requiring Ernst & Young Hong Kong ("E&Y") to produce all audit working papers prepared...more

Reform of the Audit Market in the EU – Implications For Borrowers and Loan Documentation

A legislative package for the reform of the audit market in the EU has this month been approved by the EU Parliament and adopted by the Council of the European Union. Listed companies will need to change the firms that audit...more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

Sino-Forest Update: ONCA rules that institutional investors cannot appeal Ernst & Young settlement under the CPA

In an earlier post, “Not Missing the Sino-Forest for the Trees: ONCA upholds auditor’s $117 million settlement despite objections from institutional investors over opt-out rights”, we reported that the Ontario Court of Appeal...more

Ninth Circuit Joins Second and Eighth Circuits in Rejecting D.R. Horton

Recently, in Richards v. Ernst & Young, No. 11-17530, 2013 WL 4437601 (9th Cir. August 21, 2013), the Ninth Circuit joined two other federal circuits, the Second and the Eighth, in rejecting the application of the National...more

NLRB Continues to Hold Firm on D.R. Horton Reasoning Despite Contrary Decisions in the Courts

Despite increasing rejection of the NLRB’s controversial D.R. Horton decision by almost all federal courts which have considered it, an NLRB administrative law judge recently felt there was no choice but to follow Board...more

Second Circuit Enhances Employers’ Ability To Avoid FLSA Collective Actions Through Arbitration Agreements

Sutherland v. Ernst & Young LLP, No. 12-304 (2d Cir. Aug. 9, 2013): In a significant victory for employers, the Second Circuit Court of Appeals endorsed class waivers of Fair Labor Standards Act (FLSA) claims even if such...more

Ninth Circuit Upholds Class Action Waiver, Rejects D.R. Horton

If You Can’t Beat ‘Em, Join ‘Em - In a development as incongruously surprising as Lady Gaga becoming President, the Ninth Circuit has enforced a class action waiver....more

A Welcome ‘Waive’ of Second Circuit Cases: Class Action Waivers Deemed Enforceable

For the better part of the last decade, the Second Circuit routinely and consistently struck down class action waivers in arbitration provisions....more

Second Circuit Holds That The Fair Labor Standards Act Does Not Bar The Enforcement of Class Action Waivers

Over the past week, the United States Court of Appeals for the Second Circuit (“Second Circuit”) has issued two decisions in which it affirmatively held that: (i) a plaintiff cannot use the “effective vindication doctrine” to...more

California District Court Compels Arbitration of Class and Collective Wage and Hour Claims

Dorothy Gale famously remarked upon finding herself in Oz “Toto, I’ve got a feeling we’re not in Kansas anymore.” Class action wage and hour plaintiffs on the west coast are now awakening to the fact that while they may still...more

In re China Agritech, Inc. S’holder Deriv. Litig., C.A. No. 7163-VCL (Del. Ch. May 21, 2013) (Laster, V.C.)

In this memorandum opinion, the Court of Chancery denied Defendants’ motion to dismiss after determining that demand would have been futile under the Aronson and Rales analyses and that the Plaintiff had stated a claim on...more

E&Y “State Secrets” Case Kicks Off in Hong Kong – But a Long Way to Go

Evidence kicked off last week on March 27-28, in the highly anticipated case brought by Hong Kong's Securities and Futures Commission ("SFC") against Ernst & Young Hong Kong ("E&Y") over its failure to adequately respond to...more

Sutherland Case Reveals Problems In Applying Effective Vindication Of Rights Analysis To Class Action Waivers

Introduction In April 2010, Stephanie Sutherland (“Sutherland”) filed a putative class action against Ernst & Young under the Fair Labor Standards Act (“FLSA”) and New York law claiming that low-level accountants were...more

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