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Violation Tracker Individual Record

Company: Ernst & Young
Current Parent Company: Ernst & Young
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $109,000,000
Year: 2009
Date: June 15, 2009
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Mega-Scandal: Early 2000s Accounting Scandals
Violation Description: In a case brought by the Michigan AG on behalf of state pension funds as well as other investors, Ernst & Young agreed to pay $109 million to settle allegations that it failed to expose accounting fraud in its audits of HealthSouth Corporation, causing harm to shareholders.
Level of Government: state
Action Type: agency action
Agency: Michigan Attorney General
Civil or Criminal Case: civil
Facility State: Michigan
HQ Country of Current Parent: United Kingdom
Ownership Structure of Current Parent: privately held
Major Industry of Current Parent: business services
Specific Industry of Current Parent: accounting services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.