Ernst & Young has reportedly confirmed that the Securities and Exchange Commission is investigating the firm over its role in designing and auditing financing vehicles allegedly used by PNC Financial Services Group to inflate profits.
A spokesperson for the Big Four firm told Bloomberg News that an investigation is underway into a financial product that E&Y was hired by insurer American International Group Inc. to help create for PNC that has since led to multimillion-dollar settlements being paid out by the latter two firms.
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