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Cadwalader Wickersham & Taft has taken a lot of lumps lately because of its heavy investment in its securitization practice. Late last month it suffered another setback when a New York state court judge refused to dismiss a malpractice suit brought by Nomura Asset Capital Corporation arising from a commercial mortgage financing that Cadwalader handled more than a decade ago. The backstory is complicated, but the litigation raises questions about whether law firms could bear some liability for soured securitizations, even if they followed common industry practices.
May 18, 2009 at 12:00 AM
1 minute read
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