Thursday, September 28, 2017 5:36:15 PM
In a 151-page decision issued Thursday, the U.S. Court of Appeals for the Second Circuit upheld a nearly $1 billion judgment against issuers of housing crisis-era securities sold to federal mortgage entities Freddie Mac and Fannie Mae.
The panel of Judges Richard Wesley, Debra Ann Livingston and Christopher Droney said the 2015 ruling by U.S. District Judge Denise Cote of the Southern District of New York rightly held Nomura Holding America and RBS Securities responsible for the sale of securities they knew, or should have known, were problematic.
The panel found in Federal Housing Finance Agency v. Nomura Holding America, 15-1872-cv(L), "no merit in any" of the numerous arguments offered by the appellants seeking reversal.
Wesley, who authored the decision, pointed back to the original crafting of the Securities Act's passage after the onset of the Great Depression in the 1930s as "a paradigm shift in the securities markets" that placed the onus on sellers to offer sound securities.
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