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The Wall Avenue Journal: Ernst & Younger pays $ 10 million to resolve SEC investigation

Ernst & Young LLP will pay $ 10 million to resolve a government investigation into allegations that it illegally obtained confidential information while pursuing a contract to audit the books of a publicly traded company.

The US 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 that provided them with the competition information the agency said. The four accountants have all been suspended from auditing the financial statements of public companies for periods of one to three years.

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