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NY Appeals Court Nixes Suit Over MBIA Restructuring

Law360 (January 11, 2011, 4:39 PM EST) -- A New York appeals court on Tuesday reversed a lower court's refusal to toss a suit brought by Bank of America NA, UBS AG and others alleging MBIA Inc.'s restructuring of its insurance units was actually a massive fraudulent transfer.

In its reversal of the state Supreme Court's decision to deny MBIA's bid to dismiss the suit, the New York State Supreme Court's Appellate Division ruled that the plaintiffs' claims challenging the 2009 restructuring of MBIA Insurance Corp. and MBIA Insurance Corp. of Illinois could not...
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