Nomura Trial Jury Says It May Be Split on at Least 1 ChargeBy
Note to judge asks how to proceed if they can’t agree
Three former traders accused of lying about bond prices
The Nomura jury may be getting bogged down.
The panel in the trial of three former mortgage-bond traders indicated they may have trouble agreeing on at least one of the charges. In a note Tuesday to U.S. District Judge Robert Chatigny, they asked how they should proceed if they can’t reach a decision.
"As jurors, it is your responsibility to continue with your deliberations and see whether you can reach a verdict as to all counts and all defendants," Chatigny told the 12-member jury in response. Jurors completed deliberating on Tuesday without a verdict and are slated to continue Wednesday.
They jury sent another note to the judge at the end of the day, indicating they would like to finish their work at 2:30 p.m. Thursday, about two hours earlier than usual, if they haven’t reached a verdict by that time.
The jury began deliberating June 6 after a month-long trial of former traders Ross Shapiro, Michael Gramins and Tyler Peters in federal court in Hartford, Connecticut. The former Nomura Holdings Inc. employees are accused of lying to customers about the prices of mortgage-backed securities and are each facing nine counts.
Chatigny reminded jurors that their verdicts must be unanimous and that each juror must make their own decisions based upon their own review of the evidence.
The Nomura jury had to restart their talks last week when one juror was excused after saying she was concerned she might be biased. She said she saw a television news report unrelated to the case about possible changes to the way broker-dealers are compensated. The juror was replaced with an alternate.
On Monday and earlier Tuesday, the jury listened to testimony from one of the alleged victims in the case, Aadil Abbas, a portfolio manager for Hartford Investment Management Co., and from Caleb Chao, a former Nomura trader who said he lied to clients during negotiations and was trained to use the tactics by the defendants.