$5.5 billion lawsuit against PwC, the largest ever, settled in Miami court
A $5.5 billion lawsuit against Big Four firm PwC, the largest lawsuit ever against an auditing company, settled in Miami-Dade County Circuit Court for an undisclosed amount Friday.
The suit, brought against PwC by a trustee of the defunct Taylor, Bean & Whitaker Mortgage Corporation, was the latest in a series of suits against major auditing firms in recent years, most alleging faulty work.
The case was settled “to the mutual satisfaction of the parties,” said Bruce Rubin, a spokesman for the plaintiff, three weeks since going to trial.
The PwC lawsuit was filed in 2013 by a trust formed following the bankruptcy of Ocala-based Taylor, Bean & Whitaker, which in the early 2000s was one of the nation’s largest mortgage companies. The firm was raided by federal agents in 2009 for its part in a seven-year, multibillion-dollar fraud scheme with Colonial BancGroup.
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