Regulation and Compliance

PwC Settles Taylor Bean Lawsuit

Aug 26, 2016
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

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.

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Phil Hall
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Aug 26, 2016
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