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Banks Appeal Dismissal Of MBIA Restructuring Suit

Law360 (March 18, 2011, 5:16 PM EDT) -- A collection of banks on Wednesday appealed a New York state court's decision tossing their suit against MBIA Inc., which allegedly moved part of its insurance business to Illinois to avoid paying out the financial firms’ claims.

The banks asked the New York State Court of Appeals to overturn a January ruling by the Supreme Court of the State of New York, Appellate Division, that said their appeal of the transfer could only be heard as an administrative Article 78 case challenging the New York State...
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