Patriarch Partners Fails To Lift Ruling In MBIA CDO Suit

Law360, New York (April 4, 2012, 4:41 PM EDT) -- A New York federal judge on Tuesday refused to reconsider a ruling that largely left intact MBIA Insurance Corp.'s lawsuit accusing an affiliate of private equity firm Patriarch Partners LLC of breaching its contract to help protect troubled collateralized debt obligations MBIA insured.

On Feb. 6, U.S. District Court Judge Robert W. Sweet had preserved all but one of MBIA's claims against Patriarch Partners VIII LLC, which MBIA says never fulfilled its obligations under a 2003 agreement to help MBIA keep seven CDOs afloat.

Although Patriarch...
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