Metropolitan Creditors’ Trust et al. v. Ernst & Young

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Counsel for Ernst & Young retained Cornerstone Research and Professor Christopher James of the University of Florida in an accountant’s malpractice claim brought by the bankrupt estate of Metropolitan Mortgage & Securities Co.

Retained by Bartlit Beck Herman Palenchar & Scott

Counsel for Ernst & Young retained Cornerstone Research and Professor Christopher James of the University of Florida in an accountant’s malpractice claim brought by the bankrupt estate of Metropolitan Mortgage & Securities Co. (Metropolitan), a $2 billion investment, real estate, and insurance conglomerate that collapsed in 2004 after suffering liquidity problems and a fraud by its senior management. After a four-week trial, an arbitration panel consisting of three former federal judges found in favor of Ernst & Young. This is the second successful defense of Ernst & Young in claims stemming from the Metropolitan bankruptcy.

Case Expert

Christopher M. James

William H. Dial/SunBank Eminent Scholar in Finance and Economics,
Warrington College of Business Administration,
University of Florida;
Senior Advisor, Cornerstone Research