BDO USA Settles Suit With Former Client Banco Espirito Santo

BDO USA, the accounting firm formerly known as BDO Seidman LLP, agreed to settle a lawsuit that accused it of failing to detect a fraud in a joint venture of former client Banco Espirito Santo SA.

BDO won reversal of a $521.7 million jury verdict in the case last year when a Florida appeals court ordered a new trial. The terms of the settlement are confidential, Jerry Walsh, a BDO spokesman, said.