Japanese bank Nomura to pay $480M for role in housing crisis

By Associated Press

Japanese bank Nomura is agreeing to pay $480 million to U.S. authorities for its alleged role in the housing market bubble and the subsequent 2008 financial crisis.

The Justice Department alleges Nomura defrauded investors by knowingly selling mortgages that were not appropriately underwritten, which led to significant losses once those mortgages went sour.

These are similar allegations that the Justice Department has brought against other large banks for their role in the financial crisis. British bank Barclays settled with U.S. authorities earlier this year for $2 billion for its role in the crisis.

Nomura is not admitting fault as part of the settlement.

This article provided by NewsEdge.