NY Court Keeps Banks' Fraud Suit V. MBIA Alive

By James Armstrong

Law360, New York (February 18, 2010, 4:03 PM ET) -- A New York court has refused to dismiss a lawsuit in which some of the world's largest financial institutions, including ABN Amro Bank NV and Citibank NA, accuse MBIA Inc. of devising a fraudulent restructuring in order to avoid paying out insurance policies the company offered on financial products.

The Supreme Court of the State of New York for New York County on Wednesday denied a motion made by MBIA to dismiss the suit, which claims the 2009 restructuring of MBIA Insurance Corp. and MBIA Insurance...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles