Bond Giant Likely To Settle Accounting Fraud Case

Law360, New York (November 3, 2005, 12:00 AM EST) -- Bond insurer MBIA is close to reaching a settlement with federal authorities over allegations of improper accounting. The settlement is likely to set a precedent for future deals reached by other insurance firms in an industry that has recently been plagued by scandal.

Under the terms of the settlement, reached with the Securities and Exchange Commission and the New York State Attorney General, MBIA would pay less than $100 million in damages and agree to a review of its past accounting practices.

Federal authorities would require...
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