Lehman Brothers used '$50bn accounting gimmicks'

A report into the collapse of US investment bank Lehman Brothers found "credible evidence" that senior managers approved misleading financial statements in the run-up to the group's demise.

Lehman's auditor Ernst & Young has also been heavily criticised for its "failure to question and challenge improper or inadequate disclosures" in the report by court-appointed examiner Anton Valukas, which follows a year-long probe.