Ernst & Young will pay more than $9 million to settle an investors' suit that accused the firm of aiding American International Group and PNC Financial Services Group Inc. in a multimillion-dollar phony accounting scheme.

According to court documents, U.S. District Court Judge David Stewart Cercone, sitting in Pittsburgh, approved the $9.08 million settlement Thursday. The money will be paid into a fund for investors who filed suit against PNC over financial misstatements.

The accounting firm--accused of assisting AIG in the scheme--admitted no wrongdoing in the settlement.

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