Accounting giant PricewaterhouseCoopers LLP has settled a $5.5 billion lawsuit in the middle of a weekslong trial over its alleged failure to catch the massive fraud that led to one of the most expensive bank failures in U.S. history.

Steven Thomas, a lawyer for the bankruptcy trustee overseeing the remains of failed mortgage lender Taylor Bean & Whitaker Mortgage Corp., announced the settlement at a hearing Friday morning in…

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