BNP Paribas Latest To Exit $5B MBIA Restructuring Suit

Law360, New York (January 10, 2012, 5:41 PM EST) -- BNP Paribas SA on Tuesday became the latest major bank to end its battle with MBIA Inc. over allegations that the bond insurer had fraudulently pulled $5.4 billion in cash and securities out of its insurance unit during its 2009 restructuring.

According to a stipulation filed in New York Supreme Court, both parties in the case have agreed to cover their own costs under the settlement, but no other details were provided.

The French bank was one of 18 international banks to sue MBIA in 2009,...
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