Natixis Withdraws From $5B MBIA Restructuring Case

Law360, New York (May 8, 2012, 6:41 PM EDT) -- French bank Natixis SA on Monday dropped out of litigation over New York's 2009 approval of the $5 billion restructuring of bond insurer MBIA Inc., leaving just Bank of America Corp. and Societe Generale SA to spearhead a trial next week.

Although about 20 bank policyholders originally sued over the restructuring, Natixis is the latest bank to withdraw from two cases that revolve around allegations that the 2009 restructuring was rushed through with little oversight and based on false financial information, leaving MBIA without enough money...
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