Syncora Didn't Investigate Toll-Road Bonds, Macquarie Says

Law360, New York (May 6, 2013, 2:25 PM EDT) -- A Macquarie Group attorney told a New York state judge during a hearing Monday that monoline insurer Syncora Guarantee Inc. should have done more due diligence on $496 million worth of toll road-backed bonds it insured instead of blaming Macquarie for a drop-off in traffic on the roads.

Robert L. Weigel of Gibson Dunn & Crutcher LLP told Judge Melvin L. Schweitzer that although the roads did see a dip in traffic — and thus in toll revenues and ultimate payments to bondholders — after Syncora...
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