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Ernst & Young Sued by M-Invest for $900 Million Over Audits

Ernst & Young LLP was accused of negligence, malpractice and breach of contract in a lawsuit filed by the liquidators of M-Invest Ltd., a so-called feeder fund for Bernard Madoff’s bankrupt investment firm.

The suit seeks $900 million in damages from the New York-based accounting firm over audits of M-Invest’s annual financial statements from 2003 to 2007, according to papers filed yesterday in New York State Supreme Court in Manhattan. The two-page filing by the fund, now in voluntary liquidation, provides no details of the allegations against Ernst & Young.