Ambac, Investor MBS Suits Deserve The Ax, Nomura Atty Says

Law360, New York (November 13, 2013, 3:26 PM EST) -- A Nomura Capital & Credit Inc. attorney told a New York state judge Wednesday that investors who bought $1.7 billion in mortgage-backed securities from the Japanese bank could only sue it for individual loan repurchase, and that a monoline insurer who backed another $1.2 billion worth couldn't sue.

Joseph J. Frank of Orrick Herrington & Sutcliffe LLP appeared again before Judge Marcy Friedman in her downtown Manhattan courtroom — he'd argued three other cases for Nomura on Tuesday — to urge her to toss the two investor cases...
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