BDO International distances itself from $521m claim
BDO International confident that appeals court will keep them out of a massive law suit brought by Banco Espirito Santo
BDO International confident that appeals court will keep them out of a massive law suit brought by Banco Espirito Santo
BDO International lawyers are confident that a US jury will not plunge it
back into a $521m (£255m) court battle.
Member firm BDO Seidman was found negligent and hit with damages last year in
a lawsuit by Portuguese bank Banco Espirito Santo, but the case is now under
appeal.
Early in the trial, the judge dismissed BDO International from the case, but
the network must now go in front of an appeals court jury to set out why they
should not be held culpable.
‘We’re confident that when [BDO International] go in front of a jury they
will see that there’s no connection here,’ said Mark Raymond of law firm Broad
and Cassel. The audits [conducted by member firms]are done independently. We
have no control over it’s audits and we should therefore not be held
responsible.’
Earlier today, Banco Espirito Santo attorney Steven Thomas said: ‘The victory
means that ultimately BDO International, along with all the BDO member firms and
offices worldwide, will be jointly liable for the $521m judgment against BDO
Seidman.’
‘That’s a heck of a jump,’ said a BDO Seidman spokesperson. ‘The case is
curently under appeal.’
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article