MBIA Seeks KO In Contract Suit Over $1B CDO Deal

Law360, New York (March 7, 2011, 8:08 PM EST) -- Bond insurer MBIA Inc. asked a New York federal judge Monday to rule that Dutch bank Cooperatieve Centrale Raiffeisen-Boerenleenbank BA violated an agreement by selling a chunk of securities underlying a $1 billion collateralized debt obligation.

Howard R. Hawkins Jr. of Cadwalader Wickersham & Taft LLP, an attorney for MBIA and affiliate LaCrosse Financial Products LLC, argued before Judge Richard R. Sullivan in the U.S. District Court for the Southern District of New York for summary judgment on breach of contract and other claims, contending that...
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