UPDATE 1-Ernst & Young settles with N.Y. for $10 mln over Lehman auditing

April 15, 2015 7:01 PM

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NEW YORK, April 15 (Reuters) - Ernst & Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday.

The 2010 lawsuit claimed Ernst & Young's auditing facilitated a "massive accounting fraud" and sought $150 million in fees that the firm earned from Lehman between 2001 and 2008, plus investor damages and equitable relief.

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