BDO Ordered to Pay $170 M
A Miami jury has decided that accounting firm BDO Seidman must pay $170 million in damages for negligent audits that failed to spot fraud at a financial services firm.
The jury has also decided it will award punitive damages, although the amount is yet to be determined, the Daily Business Review reports. Punitives in Florida are generally capped at three times the amount of compensatory damages, Business Week reports.
A BDO spokesman told the Wall Street Journal (sub. req.) that the firm will ask a judge to set aside the verdict, and will appeal if its request is denied.
BDO has also asked the judge to close proceedings and seal tax, financial and other private records in the punitive phase of the trial, the Associated Press reports. The judge refused the request.