MIAMI - BDO Seidman was ordered to pay $170 million in compensation and $350 million in punitive damages by a Florida jury that blamed the firm for negligence in failing to uncover fraud in its audits of financial services company E.S. Bankest LLC, which went bankrupt and left one of its backers, the Portuguese bank Banco Espirito Santo, with massive losses.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access