Liability Risk and Insurance
Ernst & Young to pay US$335mn to settle with Cendant
Settlement of a dispute about certification of financial statements from Cendant Corporation – so as to misrepresent company
earnings – has been entered into by Ernst & Young. Denying wrongdoing, Ernst and Young claim their auditors were deceived
by accountants at Cendant (operator of Ramada Inn hotels and Avis Car rental agencies).