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(Reuters) - Global private equity firm Bain Capital Partners LLC is suing EY in a United States court, claiming that the auditing firm cost it roughly $60 million by advising it to invest in Lilliput Kidswear, a children's clothing company in India.
Bain alleges that it invested around $60 million in Lilliput in May 2010 for a non-controlling 30.99 percent stake, based on false financial statements that EY, previously known as Ernst & Young, had audited and certified, according to a copy of the lawsuit seen by Reuters...
...The suit alleges that Bain, which has a longstanding global relationship with EY, was specifically targeted by EY to invest in Lilliput because the Boston-based firm had the resources to pay a higher investment price and the prestige and knowledge to take the company to an initial public offering.
The suit also alleges that Bain invested in Lilliput because it relied on false financial statements and EY's false audit opinions, and that EY continued to certify Lilliput financial statements "even as Lilliput's fraud grew with EY's active assistance", according to a copy of the complaint filed with the Suffolk County Court, obtained by Reuters.
Bain is bringing the action against EY for "fraud, aiding and abetting fraud, negligent misrepresentation, and unfair and deceptive trade practices based on EY's involvement in the scheme to defraud Bain."
lol...an elitist snob 1%er, adds his less than prescient thoughts on other one percenters, extremists, immigration, apparatchiks, Koch brothers...
"But he was evidently very good at playing the inside game.
It turns out, however, that this is no longer enough. We don’t know exactly why he lost his primary, but it seems clear that Republican base voters didn’t trust him to serve their priorities as opposed to those of corporate interests (and they were probably right). And the specific issue that loomed largest, immigration, also happens to be one on which the divergence between the base and the party elite is wide. It’s not just that the elite believes that it must find a way to reach Hispanics, whom the base loathes. There’s also an inherent conflict between the base’s nativism and the corporate desire for abundant, cheap labor.
And while Mr. Cantor won’t go hungry — he’ll surely find a comfortable niche on K Street — the humiliation of his fall is a warning that becoming a conservative apparatchik isn’t the safe career choice it once seemed."
Its not safe for an apparatchik like you either Krugman.
By the way, how are those four year old children with dysenteria inside military camps working out for your King's propaganda arm (the NYT's) on immigration? What about running guns to all points of the earth and then complaining about MY gun?
The truth hurts doesn't it, bitch?
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