Court rejects FDIC action against Ernst & Young

From: Bank News | Date: June 1, 2003| Author: | Copyright information

Action brought by the FDIC against Ernst & Young LLP has been dismissed in the U.S. District Court, Northern District of Illinois. Judge Robert W. Gettleman granted Ernst & Young's petition for dismissal for lack of standing by the FDIC.

The FDIC suit alleged fraud, gross negligence and accounting malpractice arising from the audit of the failed Superior Bank FSB, Hinsdale, Ill. The bank's subprime lending contributed to its failure in July 2001. The FDIC claimed that Superior overvalued the residual interests after selling securitized loans to investors and that the auditor's ...

Read all of this article with a FREE trial to HighBeam Research

Related newspaper, magazine, and trade journal articles from HighBeam Research

(Including press releases, facts, information, and biographies)

ANN LINN ATTORNEYS OBJECT TO FDIC ON CREDITOR PANEL
; ...million, because the FDIC - in its corporate capacity - cannot be appointed to the committee. The FDIC's corporate capacity is different from its...according to the motion. The FDIC's corporate capacity is undisputed, Linn said...
Meet the new FDIC.
; Meet the new FDIC When I arrived at the Federal Deposit Insurance...handful of small bank failures each year. FDIC didn't seek or want publicity. This was...the perception and the reality of life at FDIC began to change. This shift came first with...
Critics Fear Extraordinary FDIC Powers Ripe for Abuse
; But transcripts of two FDIC board meetings in July 1988 _ recently...congressional task force _ show that the FDIC, after a request from NCNB, had communicated...NCNB, the transcripts show, asked the FDIC's help in "speeding" the decision-making...
In FDIC we trust? (Federal Deposit Insurance Corporation)
; In FDIC We Trust? IS THE Federal Deposit Insurance Corporation (FDIC) about to become more powerful than the Federal Reserve...hurry to deal with the thrift crisis. Under the bill, the FDIC would take charge of the Federal Savings and Loan Insurance...
FDIC AND YEAR 2000 COMPUTER PROBLEM:BOB BENNETT
; ...Financial Services and Technology GAO Report on FDIC Year 2000 Compliance The Subcommittee on Financial...and the Federal Deposit Insurance Corporation (FDIC) on the year 2000 (Y2K) preparedness of the FDIC and the banks it regulates. The Office of Management...
FDIC BOARD PROPOSES RULE ON PRIVACY OF CONSUMER INFORMATION
; ...Federal Deposit Insurance Corporation (FDIC) today joined other federal regulators...regulation was developed jointly by the FDIC, the Office of the Comptroller of the Currency...are being proposed by those agencies. The FDIC's proposed regulation would require a financial...
FDIC schedules public hearing on preemption
; ...companies. The Roundtable has asked the FDIC to issue a rule that would provide that...interstate activities and operations. The FDIC said it is holding the hearing to obtain the public's views on the petition. The FDIC believes that public participation will...
FLORIDA AUCTIONEER PLEADS GUILTY TO EMBEZZLING FUNDS FROM THE FDIC
; 00-00-0000 FDIC Inspector General Gaston L. Gianni, Jr...proceeds of auctions he conducted for the FDIC in the early 1990s. The plea agreement has...This investigation was conducted by the FDIC's Office of Inspector General. The FDIC...
The FDIC Ombudsman - a good person for bankers to know
; ...apply a Federal Deposit Insurance Corporation (FDIC) regulation? Do you think the FDIC is taking too long to process an application, or...turn? For these types of problems, and others, the FDIC's Ombudsman stands ready to help. The FDIC Office...
Southwest Missouri Banker Crosses Swords with FDIC.
; ...million successfully fending off a $25,000 fine from the FDIC. The banker and the bank regulator ended that bitter spat last March. Now, the FDIC and Garrett are sparring anew because the FDIC won't allow two of its former bank examiners to help Garrett...