Freddie Mac Ends $1.3B Taylor Bean Suit Against Deloitte

Law360, New York (January 20, 2016, 1:10 PM EST) -- Freddie Mac is dropping its $1.3 billion lawsuit against Deloitte & Touche LLP for the accounting firm’s alleged complacency in the fraud and eventual collapse of mortgage lender Taylor Bean & Whitaker Mortgage Corp., according to a short filing in Florida federal court on Wednesday.

Freddie Mac had shown that Deloitte put amateurs on the job to audit Taylor Bean and overlooked inconsistencies, according to a Florida federal judge. (Credit: AP) In two sentences, the parties agreed to dismiss the suit with prejudice, but didn’t provide any further details about the decision. A spokesman for Freddie Mac said only that the...

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