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21 October 2004

$70 Million Judgment Against E&Y Reversed On Appeal

October 21, 2004 - In an appeal from the Bankruptcy Court for the Southern District of New York, District Court Judge Kimba Wood reversed the Bankruptcy Court on all claims and threw out a $70 million award against our client Ernst & Young ("E&Y"). The receiver for Commons Brothers, Inc. ("CBI"), a wholesale distributor of pharmaceuticals, had sued E&Y claiming negligence and fraud for its failure to uncover a financial fraud by the principals of CBI. "The plaintiff can be expected to appeal [to the Second Circuit], but we feel optimistic about our chances of retaining this victory," said Andy Frey, who led the team with the assistance of Sandy Weisburst.

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