The Green Dot blinks:
Breaking: Attorney Steven Thomas says lawsuit by Taylor Bean & Whitaker bk trustee vs Deloitte settled "mutual satisfaction of parties".
— Francine McKenna (@retheauditors) October 3, 2013
I've confirmed Francine's account with Mr. Thomas. Deloitte has not responded to our email requesting for comment.
I spoke to Steven Thomas a few weeks ago about the trial that was supposed to start this month and he sounded confident about his chances. The settlement seems to suggest that his case against Deloitte was even stronger than he thought.
Deloitte was accused of malpractice and fraud for their audits of TBW but now that the case is settled the details won't come out at trial which is a shame not only because I was looking forward to spending part of my fall in Miami, but because there was a lot at stake in this case. Billions, to be precise. It appears Deloitte wasn't about to risk a crushing loss and being found liable for fraud despite the fact that the firm had publicly stated that the case had no merit and "[defied] common sense not to mention the law."
But hey! If throwing money at a problem, even those problems that defy logic and legal precedent, is the way to go, then who am I to judge?
