ERNST & Young agreed on Monday to pay C$117m ($117.6m) to settle shareholder claims regarding its audits of Sino-Forest, the tree-plantation company that filed for bankruptcy protection this year.
The settlement was announced on the same day that Canada’s Ontario Securities Commission said Ernst & Young’s audits of Hong Kong-and Mississauga, Ontario-based Sino-Forest were not in accordance with accounting industry standards.
Sentiment: Sell