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Patterson Belknap Secures $140 Million Settlement for Ambac in RMBS Litigation Against Nomura

January 4, 2023

Patterson Belknap secured a settlement on behalf of its client, Ambac Assurance Corporation (“Ambac”), in a residential mortgage backed securities litigation that Ambac filed against Nomura Credit & Capital Inc. (“Nomura”) in April 2013 in New York State Supreme Court.  In the settlement, Nomura agreed to pay Ambac $140 million. 

The Nomura settlement resolves the last of a series of lawsuits that Ambac, represented by Patterson Belknap, filed against RMBS originators and sponsors in the wake of the 2008 financial crisis.  Patterson Belknap also represented Ambac in its Bank of America Settlement for $1.84 billion last year, as well as its JP Morgan Settlement for $995 million in 2016.

In a press release issued on January 3, 2023, Claude LeBlanc, Ambac President and Chief Executive Officer, stated, “Ambac is very pleased to have reached this settlement with Nomura, which, in addition to the previously announced Bank of America settlement, successfully brings closure to all of Ambac’s legacy RMBS representation and warranty litigation.” 

The Patterson Belknap team included David Kleban, Henry RicardoAlexander ShapiroPeter Tomlinson, and Jason Vitullo.

To read Law360’s coverage, click here.