BDO Settles Suit Over Bankest Fraud Collapse

Law360, New York (May 5, 2011, 7:07 PM EDT) -- BDO USA LLP on Thursday said it had settled a Florida suit brought by Portugal-based Banco Espirito Santo International Ltd. accusing the accounting firm of failing to unearth a criminal fraud that led to financial services company E.S. Bankest LC's collapse.

The case was set for a second trial after a Florida appellate court in June overturned a $521 million jury verdict against BDO.

The accounting firm, formerly BDO Seidman LLP, could not disclose details about the settlement, according to company spokesperson Jerry Walsh.

"BDO has...
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