New York (May 25, 2004) – Federal prosecutors have impaneled a grand jury as part of a new criminal probe into Big Four firm Ernst & Young’s promotion of potentially abusive tax shelters, according to published reports.

Neither the U.S. District Attorney’s Office for the Southern District of New York, which is leading the investigation, nor the Department of Justice would comment on the probe, and its scope is unknown. It is not clear, for instance, if it is aimed at the firm as a whole, or only at individuals.

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