$13M Superdome Insurance Suit Dismissal Backed By 2nd Circ.

Law360, New York (November 6, 2012, 3:36 PM EST) -- In a split decision, the Second Circuit on Tuesday affirmed a lower court's dismissal of a suit brought by the state of Louisiana seeking to rescind an agreement to buy bond insurance from Financial Guaranty Insurance Co. to refinance debt on New Orleans' Superdome.

Louisiana Stadium and Exposition District, the state agency that owns the Superdome, and the state of Louisiana sought to recover the $13 million premium payment LSED made as part of its agreement after Financial Guaranty lost its triple-A credit rating by participating...
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