Law360, New York (June 19, 2012, 6:38 PM ET) -- HSBC Bank USA NA on Monday agreed to settle CIFG Assurance North America Inc.'s lawsuit alleging the bank breached a contract by failing to reimburse the insurer for a $14.1 million claim on promissory notes.
Attorneys for both sides declined to comment Tuesday because of the confidential nature of the agreement.
The suit stems from a financial guaranty insurance policy that CIFG issued to JPMorgan Chase Bank NA — a trustee for holders of Duke Funding IV Ltd. and Duke Funding IV Inc. notes — covering...
HSBC, Insurer End Fight Over $14M Debt Shortfall
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