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...
To view the full article, register now.