MBIA Wins Most Defense Claims In Insurance Dispute

Law360, New York (January 4, 2010, 5:03 PM EST) -- MBIA Inc. has received a district court's permission to recover the majority of $29.5 million in defense and indemnity costs it incurred during federal and state regulatory investigations and derivative actions brought by shareholders accusing the company of concealing massive financial losses.

The order, entered in the U.S. District Court for the Southern District of New York Dec. 30, grants MBIA defense costs from Federal Insurance Co. and ACE American Insurance Co., which sold MBIA two defense policies covering a total of $30 million, for four...
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