Panel Throws Out Suit Against Ernst & Young
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A three-judge panel in Chicago has ruled that a $2-billion federal lawsuit against Ernst & Young in connection with the failure of a Chicago savings and loan in 2001 is without merit.
The lawsuit, brought by the Federal Deposit Insurance Corp., accused accounting giant Ernst & Young of fraud and negligence in misstating Superior Bank’s assets.
New York-based Ernst & Young blamed Superior’s collapse on its board of directors and the slumping economy in 2001.
Superior Bank, based in the Chicago suburb of Oakbrook Terrace, was seized by federal regulators in July 2001. The thrift was the biggest insured U.S. financial institution to fail in nearly a decade.
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