Nutshell: EY Hong Kong Offices Raided; $388 Million Verdict Against Microsoft Overturned


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  • Hong Kong police raided the local office of Ernst & Young and seized a number of documents in a continuing investigation over possible forgery involving the $1 billion bankruptcy of electronics maker Akai Holdings.  One man was arrested, believed to be the partner EY suspended last week.  EY is cooperating and recently agreed to pay a substantial settlement in a negligence suit over their work on Akai.  (WSJ)
  • A former Moody’s compliance officer will testify at a congressional hearing today about allegations he made to the SEC in March that Moody’s doesn’t adequately monitor credit ratings it assigns to municipal bonds. (WSJ)
  • Prominent Democratic fundraiser Norman Hsu was sentenced to 24 years in prison yesterday for his part in a multi-million Ponzi scheme and for illegally funelling money to political candidates.  (WSJ)
  • A Rhode Island federal judge overturned a $388 million jury verdict against Microsoft in a patent infringement case brought by anti-piracy software company Uniloc USA, saying a jury “lacked a grasp of the issues.” (ABA Journal)


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