Freddie Mac Sues Deloitte For $1.3B Over Taylor Bean Fraud

Law360, Miami (September 17, 2014, 8:47 PM EDT) -- The Federal Home Loan Mortgage Corp. filed a $1.3 billion suit against Deloitte & Touche LLP in Florida state court Monday, claiming the accounting giant turned a blind eye to fraud at Taylor Bean & Whitaker Mortgage Corp. and produced flawed audit reports.

In a complaint filed in Florida's Eleventh Judicial Circuit Court, Freddie Mac says it lost $1.3 billion when Taylor Bean went bankrupt in 2009. Had Deloitte, which audited Taylor Bean from 2002 to 2009, paid attention to red flags indicating fraud, Freddie Mac would not have purchased billions of dollars of mortgage loans from Taylor Bean, according to...

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