Ernst & Young to Pay $4 Million Over SEC Lobbying Claims
This article is for subscribers only.
Ernst & Young LLP agreed to pay $4.1 million to settle U.S. regulatory claims that it violated auditor-independence rules when its subsidiary lobbied congressional staff on behalf of two clients.
Washington Council EY, a subsidiary, was prohibited from lobbying on behalf of clients because Ernst & Young repeatedly said in audit reports that its reviews of the companies’ financial reports were independent, the Securities and Exchange Commission said today in a statement.