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BDO Seidman Prevails in its Defense of Class Action Lawsuits Asking for $60,000,000 in Damages

May 2, 2000

ATLANTA (May 2, 2000) – Sutherland Asbill & Brennan LLP has successfully defended national accounting firm BDO Seidman LLP in two class action lawsuits brought by investors in G&W Asset Management and G&W Financial Corporation. In two Orders dated April 25, Judge Alice Bonner of the Superior Court of Fulton County, Georgia, found that none of the lead class plaintiffs relied upon BDO Seidman's audit opinions in making their investment decisions. The Court therefore dismissed all claims against BDO Seidman for accounting malpractice and negligent misrepresentation. The cases, filed as class actions in September 1997 on behalf of more than 1000 investors, alleged that BDO Seidman committed accounting malpractice in connection with audit opinions rendered by BDO with respect to the financial statements of two companies. The plaintiffs sought more than $60,000,000 in damages.

Sutherland attorneys S. Lawrence Polk, Kristen Indermark, Becky Burnaugh and Todd Ratner were pleased with the Court's decision, which granted motions for summary judgment in both cases with respect to all claims against BDO Seidman. According to Lawrence Polk, " We are gratified that the Court refused to allow individuals who never saw nor relied upon any audit opinion to recover damages arising from these high risk investments." Sutherland has now prevailed in three actions in the past six months seeking more than $100 million in damages against BDO Seidman.

Sutherland Asbill & Brennan LLP is a national law firm with offices in Atlanta, Austin, New York, Tallahassee and Washington, D.C.

For further information, please contact Ashli Quesinberry.

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