Ernst & Young Gets Another Court Date reports that Ernst & Young (E&Y) is picking up the pieces after a UK High Court judge ruled that the £300m negligence claim brought against the firm by DaimlerChrysler subsidiary Freightliner will go to the High Court for judgement. A financial controller and company secretary stand accused of a £294m fraud at Freightliner and E&Y is said not only to have failed to spot the alleged wrongdoing, but also did not follow up tip-offs it is claimed the auditor received concerning the alleged fraud.

And The Times reports that the auditor is to lose its CEO just over a year into his new job. 50-year-old Rick Bobrow is to step down with immediate effect. Bobrow was involved in a high profile divorce case earlier this year and E&Y attempted to prevent details of its own financials being made public. He will be succeeded by James Turley, the chairman and chief executive of E&Y's businesses in the Americas.

It's not all bad news, however, as the firm's numbers do look good. E&Y's global revenues rose 29.8% to $13.1bn for the year ending June 2003. Headcount increased from 87,000 to 103,000 in the twelve month period.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News