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MBIA Saved By Statute Of Limitations

Law360 (February 15, 2007, 12:00 AM EST) -- A federal judge has dismissed a class action lawsuit against bond insurer MBIA Inc., which came under fire for misstating a series of reinsurance agreements in 1998.

In an opinion reached Tuesday, Judge Louis L. Stanton of the U.S. District Court in Manhattan ruled that the plaintiffs’ claims were barred by the statute of limitations.

Under the Sarbanes-Oxley Act, plaintiffs in private securities-fraud cases must sue within two years of discovering a violation. But the plaintiffs in this case – led by the Southwest Carpenters Pension...
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