EY Says Omnicare May Doom Lehman Fraud Claims

Overview


John Calandra, on behalf of an investment client that is among four plaintiffs in litigation accusing a major accounting firm of backing transactions that masked fallen brokerage Lehman Brothers’ deteriorating financial state, submitted a letter to the court challenging the defendant’s assertion that the Supreme Court’s Omnicare ruling invalidates the accusations. Mr. Calandra’s letter asserted that aspects of the Omnicare ruling actually favor the plaintiffs.