Accounting firm Ernst & Young LLP again pressed its case for a quick victory in a suit by Lehman Brothers investors over Ernst's auditing of the investment bank before it failed, saying the there is no proof it made a false statement regarding Lehman, Dow Jones Daily Bankruptcy Review reported today. In a filing on Friday with U.S. District Court in Manhattan seeking an immediate win on the parts of the suit that remain, Ernst said that it would only be responsible for relying on Lehman's so-called Repo 105 accounting practices if it didn't believe what it said or knew it lacked a "reasonable basis" to say it. Read more.
