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.
August 14, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A Florida court jury has awarded $170 million in damages to Banco Espirito Santo to compensate the Portuguese bank for negligent audits by BDO Seidman at a company blamed for the largest bank fraud in Miami history.
Miami-Dade Circuit Judge Jose Rodriguez ordered the six-member civil jury to return Tuesday morning to hear testimony on the net worth of the world’s fifth largest accounting. The bank is asking for an additional $510 million in punitive damages.
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