Ernst & Young LLP served as Lehman Brothers Holdings Inc.’s independent auditor. This entry identifies the auditor in that historical account, rather than treating the EY global network as one legal firm.
EY explains that its member firms are separate legal entities and that Ernst & Young Global Limited does not provide services to clients. The Lehman examiner’s report discussed potential claims concerning the auditor’s work; those investigative conclusions are distinct from a court judgment.
Lehman Brothers’ bankruptcy joined deteriorating real-estate exposures, a leveraged balance sheet and vanishing counterparty confidence. Repo 105 obscured reported leverage, while the collapse exposed the difference between a global financial group and the separate legal entities through which it operated.
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