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07-60379-CV0.wpd.pdf
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🔗 Source: ca5.uscourts.gov
📊 Size: 103 KB
📄 Pages: 27 pages
⬇️ Downloads: 76

Summary

Travelers Casualty and Surety Company of America sued Ernst & Young LLP (E&Y) after E&Y audited Friede Goldman Halter, Inc.'s (FGH) 1999 financial statements. FGH had merged with two other companies and constructed oil rigs and vessels. E&Y's audit opinion stated that FGH's financial statements presented a fair picture of its financial position, despite disclosing significant losses on two construction projects, Ocean Rig and Petrodrill. Travelers relied on E&Y's audit opinion when deciding to issue surety bonds to FGH, but later claimed that E&Y's opinion was negligent and caused Travelers to suffer losses. The district court entered judgment in favor of Travelers, and E&Y appealed, but the appeals court affirmed the district court's decision.

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Travelers Casualty and Surety Company of America sued Ernst & Young LLP (E&Y) after E&Y audited Friede Goldman Halter, Inc.'s (FGH) 1999 financial statements.

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  • File Format: PDF
  • File Size: 103 KB
  • Pages: 27
  • Language: EN
  • Total Downloads: 76
  • Last Updated: 14 hours ago

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