Banks Fight To Sue MBIA For Monetary Damages

Law360, New York (May 31, 2011, 4:29 PM EDT) -- Embattled bond insurer MBIA Inc.'s 2009 state-approved restructuring shouldn't preclude banks with MBIA policies from suing for monetary damages, an attorney for a host of international banks told New York's highest court Tuesday.

"One can't be precluded if one didn't have notice," Robert J. Giuffra Jr. of Sullivan & Cromwell LLP, which represents the MBIA policyholders, told the New York State Court of Appeals during oral arguments in Albany.

The policyholders, which include Morgan Stanley Capital Services Inc., Bank of America NA, HSBC Bank USA NA...
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