Ernst & Young Ordered to Pay $10.2 Million on Negligent Auditing Claim

A Florida jury on Wednesday ordered accounting giant Ernst & Young to pay $10.2 million on a negligent auditing claim, rejecting a request for $400 million on more serious allegations. The verdict eliminated the possibility of a punitive damage award. Businessman Alan Schein was seeking damages for himself and a mortgage marketing company he sold to Illinois-based Superior Bank before the bank failed in 2001 after years of Ernst & Young audits.