Judge Narrows Focus Of MBIA Restructuring Trial

Law360, New York (May 14, 2012, 5:04 PM EDT) -- A New York state judge on Monday put limits on Bank of America Corp. and Societe Generale SA's challenge to state regulators' $5 billion restructuring of bond insurer MBIA Inc., saying the proceeding would resemble a "glorified oral argument."

Judge Barbara R. Kapnick set the parameters for the proceeding, in which the banks are challenging state regulators' approval of the 2009 restructuring of the bond insurer, which the banks say was too hasty and took money out of the insurer that it should have paid to...
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