Banks Say MBIA's $5B Breakup Will Affect Homeowners

Law360, New York (May 31, 2012, 7:57 PM EDT) -- Bank of America Corp. and Societe Generale SA told a New York state judge Thursday that their lawsuit over state regulators' 2009 approval of MBIA Inc.'s $5 billion restructuring will affect not only the banks, but everyone who has insurance policies.

"This time it's the banks, next time it will be the homeowners," Robert J. Giuffra Jr. of Sullivan & Cromwell LLP, who represents the banks, told Judge Barbara R. Kapnick during the trial in New York Supreme Court in New York County.

Giuffra said that...
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