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Ernst & Young Sued Over Georg Schaeffler Tax Probe

Ernst & Young LLP was accused by the U.S. of failing to comply with an Internal Revenue Service request for documents in an investigation of the tax liability of the billionaire chairman of industrial-bearing maker Schaeffler AG.

The agency had asked for testimony and “books, records and other data” tied to a probe of Georg F. W. Schaeffler, the office of Manhattan U.S. Attorney Preet Bharara said in a lawsuit filed yesterday.