• Kyodo

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A U.S. district court on Friday ordered Nomura Holdings Inc. and the Royal Bank of Scotland to pay a collective $806 million over sales of defective residential mortgage-backed securities in the United States that led to the financial crisis in 2008.

The order follows a ruling Monday by the U.S. District Court for the Southern District of New York that said the two financial institutions “did not correctly describe the mortgage loans” in selling them. “The magnitude of falsity, conservatively measured, is enormous,” the court said.

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