BDO Seidman Ordered to Pay $170 Million in Compensation to Portuguese Bank

2007-08-14

A state court jury in Miami late Monday awarded $170 million in compensatory damages to Portugal's Banco Espirito Santo after its lawyer urged the panel to punish the national accounting firm of BDO Seidman for negligently overlooking fraudulent conduct in the failure of E.S. Bankest, a factoring company blamed for the largest bank fraud in Miami history. The jury also decided to award punitive damages, but must hear witness testimony before it can decide upon an amount.

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