PwC Settles Taylor Bean Lawsuit

One of the most dramatic lawsuits stemming from the housing bubble meltdown came to an abrupt close with news of a settlement that brings an ongoing civil trial to a close.

According to a Reuters report, PricewaterhouseCoopers (PwC) has settled the lawsuit that charged the company with failing to detect and halt the fraudulent practices that resulted in the 2009 collapse of Taylor Bean & Whitaker Mortgage Corp. The bankruptcy trustee for the now-defunct lender was seeking more than $5.5 billion in damages.

The terms of the settlement are remaining confidential, according to a spokesman representing the trustee, and PwC has yet to issue any public announcement on the settlement of the case.