The attorney for Portuguese bank Banco Espirito Santo argued this week in a Florida court that accounting giant BDO Seidman should pay the bank back for failing to detect a Miami finance firm's long-running fraud that cost the bank millions. But BDO Seidman's attorney argued that the bank's executives chose to ignore warnings about the financing firm in order to keep making money. The jury found BDO Seidman negligent last month, and now jurors must decide on damages that could go as high as $510 million.
July 06, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The attorney for a Portuguese bank argued Monday in Florida’s Miami-Dade Circuit Court that accounting giant BDO Seidman should pay the bank back for failing to detect a long-running fraud committed by a Miami finance firm that cost the bank millions.
But BDO Seidman’s attorney argued that Banco Espirito Santo executives chose to ignore warnings that something was wrong at the financing firm in order to keep making money from the firm.
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