Email your news and story ideas to: [email protected]
Cadwalader gets partial victory in Nomura case
A New York appeal court has rejected one argument underpinning a malpractice claim against Cadwalader, Wickersham & Taft but let another one stand.
One of two malpractice claims against Cadwalader has been rejected. Cadwalader gets partial victory
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
The case involves a Nomura commercial mortgage-backed securization, dating back to 1997. One of the underlying loans went into fault. Cadwalader had advised Nomura, and the question was the extent of its culpability when Nomura sued in 2006. The court has now held that 'Cadwalader had no generalised duty to review the underlying appraisals for all of the loans in the securitisation.' But the court said the issue still remained as to whether the firm should have investigated the issue further as a result of possible 'red flags'. Cravath Swaine & Moore acted for Cadwalader. Source: Bloomberg Law
