Law360, New York (February 7, 2012, 4:12 PM EST) -- A New York federal judge on Monday declined to dismiss the bulk of a lawsuit against Patriarch Partners VIII LLC in which MBIA Insurance Corp. alleges the private equity firm breached its contract to help protect some troubled collateralized debt obligations insured by MBIA.
Patriarch had sought to dismiss the entire lawsuit, but U.S. District Court Judge Robert W. Sweet dismissed only one of the charges.
“Because New York law does not recognize a cause of action for breach of an implied covenant independent of a...
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.