For the second time in three months, attorneys for Espirito Santo Bank and BDO Seidman outlined their cases in opening statements last week in a retrial of the bank's negligence suit against one of the world's largest auditing firms. BDO failed to detect a fraud scheme that bankrupted a Miami factoring company and cost the bank more than $170 million, the bank's attorney claimed. BDO's attorney countered the bank was raking in the profits on the factoring business and was responsible for finding the scam.
April 09, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
One of the world’s largest auditing firms failed to detect a fraud scheme that forced a Miami factoring company into bankruptcy and cost Espirito Santo Bank more than $170 million, the bank’s attorney claimed Thursday.
The attorney for outside auditors BDO Seidman countered the bank was raking in the profits on the factoring business and was responsible for finding the scam.
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