Ernst & Young to Pay $11.8 mln to Settle Audit Charges

Ernst & Young will pay $11.8 million to settle charges over "failed audits" of oil services company Weatherford International PLC, the U.S. Securities and Exchange Commission said on Tuesday.

An Ernst & Young partner who coordinated the audits and a former tax partner who was part of the audit team were also charged in the SEC's order, the agency said in a statement, which follows Weatherford's $140 million penalty announced last month to settle charges of inflating its earings.

Reporting by Susan Heavey