Ernst & Young to pay $10 million to settle SEC investigation

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Ernst & Young LLP will pay $10 million to settle a regulatory investigation into allegations that it improperly obtained confidential information in pursuit of a contract to audit a public company’s books.

The Securities and Exchange Commission also fined four accountants allegedly involved in the misconduct: an Ernst & Young partner, two retired partners and a former chief accounting officer of the unnamed client company who shared the competitive information with them, according to the agency. The four accountants were all suspended from reviewing the financial statements of public companies for periods ranging from one to three years.

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