March 10, 2015 / 8:02 PM / 4 years ago

Freddie Mac boosts damages sought in lawsuit against Deloitte

(Reuters) - Mortgage finance company Freddie Mac has added punitive damages to its lawsuit accusing Deloitte & Touche of missing a massive fraud at defunct mortgage lender Taylor Bean & Whitaker, raising the stakes in what was originally a $1.3 billion complaint.

In an amended complaint unsealed on Monday, lawyers for the government-controlled Freddie Mac said Deloitte was guilty of “gross negligence” for its silence about a massive fraud orchestrated by Taylor Bean’s senior officers over seven years.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1BtTzaV

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