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Judge's ruling against Nomura, RBS reveals misconduct in '08 crash

Trial highlights behaviour of banks heavily involved in subprime mortgages at peak of housing boom
Wednesday, May 13, 2015 - 05:50
BT_20150513_KVRULING134V10_1665542.jpg
Nomura and RBS were the only two of 18 financial firms that took their case to trial, arguing that it was the housing crash that caused the bonds to collapse.
BT_20150513_KVRULING134V10_1665542.jpg
Nomura and RBS were the only two of 18 financial firms that took their case to trial, arguing that it was the housing crash that caused the bonds to collapse.

New York

MANY on Wall Street have long argued that the banks did not generally break the law when they packaged shoddy mortgages and sold them to investors in the lead-up to the financial crisis of 2008.

But on Monday, in the starkest of terms, a federal judge dealt a strong blow