Panel: No Coverage For 5 Suits Brought By Purchasers Of Mortgage-Backed Securities
(October 22, 2015, 1:55 PM EDT) -- NEW YORK — The Second Circuit U.S. Court of Appeals on Oct. 21 affirmed a lower federal court’s ruling that there is no directors and officers liability coverage for five underlying lawsuits arising out of the securitizations of residential mortgage-backed securities (Nomura Holding America Inc. v. Federal Insurance Co., No. 14‐3789, 2nd Cir.).
(Summary order available. Document #13-151029-009R.)
The pension fund for Plumbers Union Local No. 12 sued Nomura Asset Acceptance Corp. in the U.S. District Court for the District of Massachusetts in 2008 over registration...