Judge Misread MBIA Policies, Insurers Tell 2nd Circ.

Law360, New York (March 28, 2011, 3:52 PM EDT) -- Liability insurers told the Second Circuit on Monday that a lower court misinterpreted policies in granting MBIA Inc. the bulk of $30 million in coverage for regulatory probes and derivative suits over allegations that the bond insurer concealed losses.

A lawyer arguing on behalf of both Federal Insurance Co. and Ace American Insurance Co. told a panel in the U.S. Court of Appeals for the Second Circuit that a lower court may not have properly examined the policy language and other relevant documents in the context...
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