3rd Ave's MBIA Fraud Suit Belongs In NY: Del. Court

By Christopher Norton

Law360, New York (November 11, 2009, 6:13 PM ET) -- A Delaware state court has tossed Third Avenue Management LLC's allegations that two subsidiaries of bond insurer MBIA Inc. defrauded debt holders in a corporate restructuring that split MBIA's public finance insurance business from its structured finance insurance business, ruling that the case should be decided in New York.

The courts of New York should be allowed to speak on the collateral effect to be given to the determinations of the superintendent of the New York Insurance Department, who approved the split-up transaction, Vice Chancellor Leo...
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