Nomura, RBS lose bid to overturn $839 million mortgage bond award

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Nomura, RBS lose bid to overturn $839 million mortgage bond award

Nomura, RBS lose bid to overturn $839 million mortgage bond award

REUTERS-

Nomura Holdings Inc (8604.T) and Royal Bank of Scotland Group Plc (RBS.L) lost a U.S. court appeal on Thursday to overturn an order requiring them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae (FNMA.PK) and Freddie Mac(FMCC.PK).

The two banks had challenged the 2015 award on multiple grounds, including that the loss of the securities’ value was largely caused not by any false statements, but by the broader financial crisis in 2008.

A unanimous panel of the U.S. Court of Appeals for the 2nd Circuit in New York, however, rejected that and other arguments.

[REUTERS]

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