Banks Claim Right To Seek $5B From MBIA

Law360, New York (May 16, 2011, 2:40 PM EDT) -- Major banks on Friday said New York's highest court should revive their suit over $5 billion that was part of MBIA Inc.'s 2009 restructuring because they never had a chance to oppose state regulators' approval of the bond insurer's restructuring plan.

In a reply brief, the banks, including Bank of America Corp., UBS AG and Morgan Stanley Capital Services Inc., argued that the New York State Insurance Department's approval of MBIA's restructuring does not block them from bringing claims against the bond insurer, despite a January...
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