Deloitte Hit With $7.6 Billion Lawsuits Over Auditing of Fallen Mortgage Giant

Accounting giant Deloitte & Touche LLP was hit Sept. 26 with a pair of lawsuits alleging faulty audits led to $7.6 billion in damages for failing to detect massive fraud at Taylor Bean & Whitaker (TBW), a now-defunct mortgage company (Luria, Plan Trustee of the Taylor, Bean & Whitaker Trust v. Deloitte & Touche LLP; Ocala Funding v. Deloitte & Touche LLP).

The complaints were filed on behalf of Taylor Bean bankruptcy trustee Neil Luria and a company that bought TBW’s mortgages, Ocala Funding. The lawsuits, filed in Florida’s 11th Judicial Circuit Court in Miami, allege Deloitte ...