FDIC Beats Back MBIA's Suit Over IndyMac Collapse

Law360, New York (October 6, 2011, 11:28 PM EDT) -- A federal judge on Thursday dismissed MBIA Insurance Corp.'s suit against the Federal Deposit Insurance Corp., ruling that the insurer's claims of losses in the collapse of IndyMac Bank FSB cannot be deemed recoverable administrative expenses.

U.S. District Judge Amy B. Jackson of the District of Columbia rejected MBIA's argument that the FDIC tacitly approved a set of mortgage-backed securities transaction agreements between MBIA and IndyMac because the FDIC did not specifically reject them when it assumed the role of receiver of the failed bank....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

MBIA INSURANCE CORPORATION v. INDYMAC BANK, F.S.B. et al


Case Number

1:09-cv-01011

Court

District Of Columbia

Nature of Suit

Insurance

Judge

Amy Berman Jackson

Date Filed

May 29, 2009

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.