According to reports, the accounting firm Ernst and Young will pay $9.08m (£4.6m) to settle an investor class action lawsuit
According to reports, the accounting firm Ernst and Young will pay $9.08m (£4.6m) to settle an investor class action lawsuit stemming from an accounting scandal at Pittsburgh-based PNC Financial Services Group.
The settlement ends five years of litigation stemming from when PNC was accused of hiding bad loans. Roughly 22,000 PNC investors have recovered approximately $203 million for their losses.
The case involved charges that American International Group helped PNC's ICLC Corp. unit moved $762m of bad loans off its balance sheet, and that Ernst and Young helped enable the transfers.
