This spring, facing a skeptical judge and after nearly $20 billion in settlements by other banks, Nomura Holdings Inc. and RBS Securities Inc. rolled the dice on a bench trial to defend claims that they duped Fannie Mae and Freddie Mac into buying securities backed by shoddy home loans.
The banks’ lawyers—David Tulchin and Amanda Davidoff of Sullivan & Cromwell for Nomura, and Thomas Rice and Andrew Frankel of Simpson Thacher & Bartlett for RBS—must have known a defense win would be tough. But even they may have been taken aback by the sweeping 361-page decision issued Monday by Manhattan U.S. District Judge Denise Cote.
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