Cadwalader in $70m Nomura suit as securities slowdown bites
Cadwalader Wickersham & Taft is facing a $70m (£34.6m) malpractice suit brought by Nomura Asset Capital, writes the New York Law Journal, as advisers face a global slowdown in the market for mortgage-backed securities. The suit against Cadwalader was filed last October in the Manhattan Supreme Court over documents the New York law firm drafted for a 1997 securitisation transaction in which Nomura pooled 156 commercial mortgages worth around $1.8bn (£890m).
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