HSBC Sues Nomura Unit For $278M In Alleged MBS Losses

Law360, New York (July 30, 2012, 1:56 PM EDT) -- HSBC Bank USA NA hit a Nomura Holdings Inc. unit with two lawsuits in New York state court on Friday, seeking $278 million in damages and claiming the Japanese firm breached the terms of mortgage-backed securities deals backed by dubious loans.

HSBC filed summonses in two separate complaints in New York Supreme Court against Nomura Credit & Capital Inc., a subsidiary of the Japanese banking giant. The defendant allegedly sold toxic securities to trusts that HSBC oversaw and touted the quality of the underlying loans despite...
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