When investors rely on financial analyses not meant for them and lose millions as a result, those who draft the analyses aren't always to blame, a Georgia judge ruled. G & W Financial Corp. designed a plan to finance insurance premiums for high-risk drivers and used audits by accounting firm BDO Seidman to drum up capital. But the plan failed, and a class of about 700 investors sued BDO for $15 million to $20 million.
May 03, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When investors rely on financial analyses not meant for them and lose millions as a result, those who draft the analyses aren’t always to blame, a Fulton County, Georgia, judge has ruled.
Superior Court Judge Alice D. Bonner granted a motion for summary judgment in favor of BDO Seidman, LLP., an accounting firm that audited financial statements for G & W Financial Corp. in 1993.
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