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The suit accuses the accounting giant of misstat stanley cup ing Superior Bank assets, and not reporting the misstatement because it might jeopardize an $11 billion sale of Ernst Young consulting division. The lawsuit said the cost to the FDIC was $750 million.EY misconduct was exacerbated by rampant conflicts of interest in the valuation of Superior assets, the lawsuit said.The lawsuit also charges that Ernst Young admitted in January 2001 that they had overvalued Superior Bank assets by $270 million. Once this was investigated, the asset value was reduced by another $150 million.Federal regulators seized the Chicago-based Superior Bank in July 2001, after it lost millions on risky home loans to borrowers with imperfect credit.The Chicago-b stanley cup ased Pritzker family and their equal partner in Superior, New York developer Alvin Dworman, admitted no liability in Superior failure and no sanctions were imposed on them by thrift regulators.Ernst Young issued a statement saying, Superior Bank failure was not caused by any action of ours and we intend to vigorously defend claims against the firm.The New York-based accounting company blames Superior Bank problems on the weakened economy stanley cup and on its failure to carry out a recapitalization plan.Superior Bank was the largest insured U.S. financial institution to fail in almost 10 years. Ppcg Bringing safer burial rituals to Ebola outbreak countries
Heavy rains continued in the Southeast on Thursday, triggering more flash floods, after two people died in severe storms in Texas and Louisiana.The weather system was expected to linger over the lower Mississippi River Valley thr hoka ough the we adidas campus ekend, dumping more rain.On Wednesday, a man was killed when his kayak capsized near Galveston, Texas, according to police. And another man died when his vehicle was swept off the road in Louisianas Bienville Parish.Louisiana Gov. Joh af1 n Bel Edwards called a state of emergency in some parts of the state on Thursday.More than a foot of rain fell in some areas, flooding homes and causing officials to close schools and roads. Left: A car is submerged in the Tall Timbers subdivision near Shreveport, Louisiana on March 9 in a photo provided by the Bossier Parish Sheriff s Office. Photo by Deputy Josh Cagle/Bossier Sheriff s Office/Handout via Reuters Go Deeper flooding louisiana texas weather and natural disasters By 鈥? News Desk News Desk
The suit accuses the accounting giant of misstat stanley cup ing Superior Bank assets, and not reporting the misstatement because it might jeopardize an $11 billion sale of Ernst Young consulting division. The lawsuit said the cost to the FDIC was $750 million.EY misconduct was exacerbated by rampant conflicts of interest in the valuation of Superior assets, the lawsuit said.The lawsuit also charges that Ernst Young admitted in January 2001 that they had overvalued Superior Bank assets by $270 million. Once this was investigated, the asset value was reduced by another $150 million.Federal regulators seized the Chicago-based Superior Bank in July 2001, after it lost millions on risky home loans to borrowers with imperfect credit.The Chicago-b stanley cup ased Pritzker family and their equal partner in Superior, New York developer Alvin Dworman, admitted no liability in Superior failure and no sanctions were imposed on them by thrift regulators.Ernst Young issued a statement saying, Superior Bank failure was not caused by any action of ours and we intend to vigorously defend claims against the firm.The New York-based accounting company blames Superior Bank problems on the weakened economy stanley cup and on its failure to carry out a recapitalization plan.Superior Bank was the largest insured U.S. financial institution to fail in almost 10 years. Ppcg Bringing safer burial rituals to Ebola outbreak countries
Heavy rains continued in the Southeast on Thursday, triggering more flash floods, after two people died in severe storms in Texas and Louisiana.The weather system was expected to linger over the lower Mississippi River Valley thr hoka ough the we adidas campus ekend, dumping more rain.On Wednesday, a man was killed when his kayak capsized near Galveston, Texas, according to police. And another man died when his vehicle was swept off the road in Louisianas Bienville Parish.Louisiana Gov. Joh af1 n Bel Edwards called a state of emergency in some parts of the state on Thursday.More than a foot of rain fell in some areas, flooding homes and causing officials to close schools and roads. Left: A car is submerged in the Tall Timbers subdivision near Shreveport, Louisiana on March 9 in a photo provided by the Bossier Parish Sheriff s Office. Photo by Deputy Josh Cagle/Bossier Sheriff s Office/Handout via Reuters Go Deeper flooding louisiana texas weather and natural disasters By 鈥? News Desk News Desk
