Nomura has agreed to pay a $480 million penalty to resolve U.S. claims that the bank misled investors in marketing and selling mortgage-backed securities tied to the 2008 financial crisis, according to the Justice Department.
Bloomberg News reports that Tokyo-based Nomura is one of the last banks to settle with U.S. authorities over its handling of securities backed by some low-quality loans. Nomura falsely claimed that its due diligence on the securities was “extensive” and “disciplined,” according to the U.S. attorney’s office in Brooklyn, New York. Nomura settled the case without admitting liability or wrongdoing and says it disputes the government’s allegations, according to the settlement document.
“The company and the U.S. subsidiaries consider it to be in their best interests to conclude this matter and avoid protracted and expensive litigation concerning transactions and practices that occurred 10 or more years ago,” the bank said in a written statement.
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