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Securities
Securities Fraud
Mortgage Pass-Through Certificates

Plumbers' Union Local No. 12 Pension Fund, individually and on behalf of all others similarly situated v. Nomura Asset Acceptance Corp., et al.

Published: Feb. 8, 2014 | Result Date: Dec. 19, 2013 | Filing Date: Jan. 1, 1900 |

Case number: 1:08-cv-10446-RGS Settlement –  $21,200,000

Court

USDC Massachusetts


Attorneys

Plaintiff

Adam M. Stewart

David A. Rosenfeld
(Weinberg, Roger & Rosenfeld PC)

Scott H. Saham
(Robbins, Geller, Rudman & Dowd LLP)

Susan G. Taylor

Arthur C. Leahy
(Robbins, Geller, Rudman & Dowd LLP)

David S. Harris
(North Bay Law Group)

Ivy T. Ngo
(Roche Freedman LLP)

Ryan A. Llorens

Cody R. LeJeune

Thomas G. Shapiro

Nathan Lindell

Samuel H. Rudman
(Robbins, Geller, Rudman & Dowd LLP)

Thomas E. Egler
(Robbins, Geller, Rudman & Dowd LLP)

L. Dana Martindale


Defendant

Stephen Poss

Stephen DiPrima

Sarah Concannon


Facts

Plumbers' Union Local No. 12 Pension Fund filed a securities class action against Nomura Asset Acceptance Corp.

Contentions

PLAINTIFF'S CONTENTIONS:
The Union contended that Nomura artificially inflated the prices of its certificates. Class members were damaged as a result of Nomura's misrepresentations, omissions, and nondisclosures. Thus, the Union asserted violations of the federal securities laws against Nomura.

DEFENDANT'S CONTENTIONS:
Nomura denied the Union's allegations.

Result

The parties settled for $21.2 million.


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