Cadwalader Can't Shake Nomura Malpractice Suit

Law360, New York (February 14, 2014, 2:10 PM EST) -- A New York state appeals court on Thursday winnowed Nomura Asset Capital Corp.'s malpractice suit against Cadwalader Wickersham & Taft LLP over mortgage loan securitization litigation, nixing Nomura's central assertion that Cadwalader gave it bad advice but leaving the door ajar for a due diligence damages theory.

Three judges on a First Department panel said they were "upholding Nomura's malpractice claim on a narrow basis,” trumping Judge David Friedman, whose dissent said the case against Cadwalader should have been thrown out in its entirety.

The ruling...
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