Nomura and RBS await judge ruling on FHFA mortgage lawsuit

Nomura’s Penalty in Mortgage-Backed Securities Lawsuit Increased to $839 Million. Nomura Holdings and the Royal Bank of Scotland. U.S. Judge Denise Cote found Nomura and RBS liable for its.

Nomura, RBS appeal U.S. judge’s $839 million mortgage bond award.. and Royal Bank of Scotland Group Plc. (FHFA) over mortgage bonds sold before the 2008 financial crisis..

NEW YORK (Reuters) – A U.S. judge on Monday ruled that Nomura Holdings Inc (>> Nomura Holdings, Inc.) made false statements in selling mortgage-backed securities to Fannie Mae (>> Federal national mortgage assctn fnni Me) and Freddie Mac (>> Federal Home Loan Mortgage Corp) ahead of the 2008 financial crisis.

In her 361- page ruling, Judge Denise L. Cote of Federal District Court in Manhattan wrote that the extent of falsity committed by the two banks was "enormous." She told the FHFA to propose how much Royal Bank of Scotland and Nomura should pay in the wake of her decision. The agency had initially sought approximately $1.1 billion.

Nomura, RBS and the FHFA declined comment before trial. The banks’ decision. judge denise cote. rbs, which paid $99.5 million to resolve claims in one of the lawsuits, faces a separate case in.

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Nomura Tells 2nd Circ. $806M FHFA Case Needs New Judge. By. but Nomura and RBS battled the FHFA in court, with Judge Cote ruling in May 2015 that the two banks were liable for selling shoddy.

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According to a Reuters report, the high court’s decision let stand a New York-based 2nd U.S. Circuit Court of Appeals ruling from last September against the banks.That was preceded by a 2015 by U.S. District Judge Denise Cote against Nomura, which sponsored $2 billion of securities sold to the government-sponsored enterprises, and RBS, which served as underwriter on four of the deals.

The Nomura case was the first to reach trial out of 18 lawsuit filed by FHFA in 2011 over $200 billion in mortgage-backed securities that various banks sold Fannie Mae and Freddie Mac.

NEW YORK (Reuters) – A U.S. judge. for Nomura and RBS declined to comment. Nomura has said it will appeal Cote’s ruling. The lawsuit was the first to reach trial of 18 filed by the regulator in.