Akai In For Big Win Millions In Damages To Be Paid

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Akai, the consumer electronics maker who was declared bankrupt in 2000 owing creditors about $2..5 billion is in for a big win after Ernst & Young settled a lawsuit and suspended a partner after the accounting firm was accused of falsifying Akai documents.

The accounting firm has agreed to pay a “substantial” amount to settle claims of negligence in its auditing of Akai Holdings.

According to information gathered by investigators files dating back to 1994 were altered y Ernst and Young employees to give the “semblance of an audit trail.” Ernst & Young. The employee was dismissed.

According to Bloomberg, the firm said it has informed the relevant regulatory body and that a former employee may also have been involved. It didn’t identify the partner who was suspended or specify the settlement amount.

The liquidator had said in court documents it was seeking “hundreds of millions of dollars” in damages from the Hong Kong office of Ernst & Young.

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