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9 July 2003
Sixth Circuit affirms dismissal of securities fraud suit against Ernst & Young
Mayer, Brown, Rowe & Maw LLP
| | 9 July 2003, Chicago - The U.S. Court of Appeals for the Sixth Circuit has affirmed dismissal of a securities fraud lawsuit against the accounting firm of Ernst & Young. The plaintiff pension fund initially sued clothing manufacturer Fruit of the Loom after the value of the company's shares plummeted due to the revelation of financial reversals. Two years later, the plaintiff sued Ernst & Young on behalf of a purported class. The court of appeals ruled that the suit against Ernst & Young was barred by the applicable one-year statute of limitations because the plaintiff was on inquiry notice and should have discovered the alleged violations through reasonable diligence more than one year before filing suit. Stanley Parzen, Brad Andreozzi, and Jeff Sarles of Mayer, Brown, Rowe & Maw LLP represented Ernst & Young. New England Health Care Employees Pension Fund v. Ernst & Young, LLP, No. 01-6523 (6th Cir. July 9, 2003).
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