Deloitte Settles Suits Over Taylor Bean Audits

Law360, Miami (October 3, 2013, 8:18 PM EDT) -- Deloitte & Touche LLP has settled three lawsuits in Florida state court seeking billions in damages from the auditing firm for failing to detect a massive criminal fraud carried out by executives of bankrupt Taylor Bean & Whitaker Mortgage Corp, attorneys in the cases confirmed Thursday.

Steven W. Thomas of Thomas Alexander & Forrester LLP, who is representing Taylor Bean bankruptcy trustee Neal F. Luria, confirmed the settlements on Thursday but said the details of the deal were confidential.

The deals avert a consolidated trial in two of the suits, filed by Luria and Deutsche Bank AG, that was set to...

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