Nomura Says Cadwalader's Bad Loan Advice Cost It $70M

Law360, New York (October 4, 2011, 3:21 PM EDT) -- Attorneys sparred before a New York judge Tuesday over whether Nomura Asset Capital Corp. could have avoided $70 million in losses if Cadwalader Wickersham & Taft LLP had given better advice about a hospital loan in a Nomura-backed securitization.

The remarks about causation came in the second day of oral arguments before Judge Melvin L. Schweitzer over motions for summary judgment on Nomura's legal malpractice allegations. According to Nomura's last remaining claim, Cadwalader gave the company such defective tax-related advice on a single hospital loan that...
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