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FORUM « Fifth Circuit backs insurer in key Katrina case | Chemerinsky as dean of new UC Irvine law school? » September 01, 2007$521 million damage award against BDO Seidman The lawsuit alleged that negligent audits by the accounting firm made it possible for principals of a Florida factoring firm to defraud Banco Espiritu Santo ("Holy Ghost Bank", at a guess), Portugal's third largest. Are accounting firms really capitalized in such a way as to withstand this kind of financial hit? The firm's total revenue (not profit) last year was $526 million, according to one report. Posted by Walter Olson at 12:11 AM | TrackBack (0) |
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Published by the Manhattan Institute
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