Taylor Bean Trustee Reaches $16M Deal With Sovereign

Law360, New York (January 30, 2012, 10:46 PM EST) -- The plan trustee of Taylor Bean & Whitaker Mortgage Corp. asked a Florida judge on Monday to sign off on a nearly $16 million settlement to resolve two disputes related to alleged secured claims held by Sovereign Bank and payments made before the mortgage giant became bankrupt.

The Taylor Bean plan trust asked U.S. Bankruptcy Judge Jerry A. Funk to approve a settlement in which the bank will receive $15.75 million to resolve the adversary proceedings stemming from Taylor Bean's 2009 collapse.

Before the mortgage giant...
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