New York State Attorney General , Andrew Cuomo is going to file a suit against in what would be the first case against one of the world's big four accounting firms for their alleged role in the financial crisis.
The lawsuit is will be on E&Y's auditing of financial statements designed by Lehman to conceal the density of the debt it had on its balance sheet.
In the UK, the Financial Accounting Regulator, said earlier this year that it was examining E&Y's auditing of Lehman's use of Repo 105s.
The prospect of Mr Cuomo filing charges against E&Y comes days before he moves to become Governor of New York after his victory in the mid-term elections.
Mr Cuomo has been one of the most aggressive prosecutors during his time in the office and any case is expected to be taken up by his successor, Eric Schneiderman, if it's not filed before the end of the year.
In the UK, the Financial Accounting Regulator, said earlier this year that it was examining E&Y's auditing of Lehman's use of Repo 105s.
The prospect of Mr Cuomo filing charges against E&Y comes days before he moves to become Governor of New York after his victory in the mid-term elections.
Mr Cuomo has been one of the most aggressive prosecutors during his time in the office and any case is expected to be taken up by his successor, Eric Schneiderman, if it's not filed before the end of the year.
