WASHINGTON – BIG accounting firm Ernst & Young has agreed to pay US$8.5 million (S$11.9 million) to settle federal regulators’ charges in connection with an alleged accounting fraud at Bally Total Fitness in 2001-2003. The Securities and Exchange Commission announced the settlement Thursday with Ernst & Young, which also agreed to change its policies and practices to prevent future problems …

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E&Y to pay $11.9m over fraud (Straits Times)