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U.S. says Ernst & Young to pay $11.8 mln to settle audit charges

WASHINGTON Oct 18 Ernst & Young will pay $11.8 million to settle charges over "failed audits" of oil services company Weatherford International PLC <WFT.N >, 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; Editing by Mohammad Zargham)

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