Patriarch Broke CDO Deal, MBIA Says As Trial Starts

Law360, New York (October 15, 2012, 8:23 PM EDT) -- MBIA Insurance Corp. said Monday that an affiliate of private equity firm Patriarch Partners LLC owes it more than $84 million for failure to honor a complicated collateralized debt obligation deal, launching a trial in the three-year-old contract dispute.

Patriarch Partners VIII LLC abandoned an agreement that would have seen it transfer assets into CDOs MBIA insured, attorney Jeffrey Q. Smith of Bingham McCutchen LLP said on the first day of a bench trial before U.S. District Judge Robert Sweet.

MBIA's insurance policies guaranteed interest and...
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Case Information

Case Title

MBIA Insurance Corporation v. Patriarch Partners VIII, LLC et al


Case Number

1:09-cv-03255

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Robert W. Sweet

Date Filed

April 3, 2009

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