Accounting giant BDO Seidman won its bid for a new trial Wednesday when the 3rd District Court of Appeal overturned a record $522 million verdict for Espirito Santo Bank, finding the Chicago firm was placed in an unfair position to defend itself in an unusual three-phase trial.
It was a 180-degree turn in litigation that produced the largest award on record against a U.S. accounting firm in 2007 based on the collapse of E.S. Bankest. The Miami-based factoring firm turned into a $170 million fraud with the company producing false invoices and other documents.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
