NY Judge Signs Off On State Takeover Of FGIC

Law360, New York (June 28, 2012, 7:40 PM EDT) -- A New York state judge signed off Thursday on the state Department of Financial Services' takeover of the troubled bond insurance unit of Financial Guaranty Insurance Co., marking the first time New York has put a financial guaranty insurance company into receivership.

The DFS began the historic takeover process with FGIC's agreement June 11, filing a petition with the Supreme Court of the State of New York. Under the rehabilitation order approved Thursday, DFS Superintendent Benjamin Lawsky will be the receiver for FGIC. Lawsky has promised...
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