We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bond Giant Likely To Settle Accounting Fraud Case

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.