MBIA Class Action Securities Suit Tossed

Law360, New York (September 25, 2009, 6:24 PM EDT) -- Bond insurer MBIA Inc. was let off the hook Friday in a proposed class action over alleged accounting wrongdoing, which investors say allowed the company to avoid reporting a $170 million loss.

Judge Louis Stanton of the U.S. District Court for the Southern District of New York ruled Friday that new evidence brought up by the plaintiffs is not sufficient to overturn an earlier decision, in which the court ruled that the claims were barred by the statute of limitations.

In November 2008, the U.S. Court...
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