{"id":6204,"date":"2017-09-28T12:43:56","date_gmt":"2017-09-28T17:43:56","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1802"},"modified":"2022-05-19T12:06:11","modified_gmt":"2022-05-19T17:06:11","slug":"appeals-court-upholds-839m-mbs-fraud-judgment-royal-bank-scotland-group-nomura","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/appeals-court-upholds-839m-mbs-fraud-judgment-royal-bank-scotland-group-nomura\/","title":{"rendered":"Appeals Court Upholds $839M MBS Fraud Judgment Against Royal Bank of Scotland Group & Nomura"},"content":{"rendered":"

\t\t\t\tIn a unanimous ruling, a U.S. Court of Appeals for the 2nd Circuit panel has turned down an appeal by Royal Bank of Scotland Group Plc (RBS) and Nomura Holdings Inc. (NMR) to overturn an order mandating that they pay $839M for the false statements, including misrepresentations, that they are accused of making while selling mortgage-backed securities to Freddie Mac (FMCC) and Fannie Mae (FNMA). The MBS fraud award was issued against the two banks in the Federal Housing Finance Agency\u2019s securities lawsuit. FHFA has been the conservator for Fannie and Freddie ever since the US government took them over after the housing market failed in 2008. <\/p>\n

Nomura sponsored $2B of securities that were sold to the mortgage companies. RBS was the underwriter on four of the deals. In a filing submitted to US securities regulators last month, RBS said it is looking to be indemnified by Nomura for the losses.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a unanimous ruling, a U.S. Court of Appeals for the 2nd Circuit panel has turned down an appeal by Royal Bank of Scotland Group Plc (RBS) and Nomura Holdings Inc. (NMR) to overturn an order mandating that they pay $839M for the false statements, including misrepresentations, that they are accused of making while selling […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3757,4036],"tags":[2841,2906],"class_list":["post-6204","post","type-post","status-publish","format-standard","hentry","category-mortgagebacked-securities","category-royal-bank-of-scotland","tag-federal-housing-finance-agency","tag-nomura-holdings"],"yoast_head":"\nAppeals Court Upholds $839M MBS Fraud Judgment Against Royal Bank of Scotland Group & Nomura — Investor Lawyers Blog — September 28, 2017<\/title>\n<meta name=\"description\" content=\"In a unanimous ruling, a U.S. Court of Appeals for the 2nd Circuit panel has turned down an appeal by Royal Bank of Scotland Group Plc (RBS) and Nomura — 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