Thursday, November 3, 2016

Nomura Agrees to Settlement of More Than $3 Million over the Sale of Faulty Securities

Nomura Asset Acceptance Corporation and Nomura Home Equity Loan, Inc. have jointly agreed to pay more than $3 million to settle claims by the National Credit Union Administration (NCUA) alleging the sale of faulty residential mortgage-backed securities to two corporate credit unions.

With this settlement, NCUA will dismiss pending suits against both firms. Neither firm admits fault as part of the settlement agreement.

NCUA still has litigation pending against other financial institutions, including Credit Suisse and UBS Securities, alleging they sold faulty residential mortgage-backed securities to corporate credit unions. NCUA also has pending litigation against various residential mortgage-backed securities trustees and LIBOR banks related to corporate credit union losses.

Read the press release.
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