Accounting Firm Settles Lawsuit Over Le-Nature’s Loan
Bloomberg reported that accounting firm BDO Seidman settled investor claims over a $285 million loan made to Le-Nature’s before the drink maker went bankrupt in 2006, citing a court filing. Terms of the settlement weren’t disclosed in the April 2 filing in New York State Supreme Court in Manhattan, the article said.
BDO Seidman, based in New York, prepared Le-Nature’s financial statements and Wachovia Capital Markets arranged the loan. The beverage company later went bankrupt. Normandy Hill Master Fund, which bought some of the debt on the secondary market, sued Wachovia, BDO Seidman and others in June 2010. Wachovia Capital Markets, now a part of Wells Fargo, said in court documents filed in February that it settled claims against it in the suit, without disclosing terms, Bloomberg reported.
To read the full Bloomberg article, click here.
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