Insurers Lose Bid To Revive $1.8B MBS Suit In Top NY Court

Law360, New York (February 25, 2014, 1:30 PM EST) -- New York's top court on Tuesday turned aside an appeal by CIFG Assurance North America Inc. and Syncora Guarantee Inc. to revive a claim for damages against GreenPoint Mortgage Funding Inc. over $1.8 billion in mortgage-backed securities after lower courts found the monoline insurers' claims were blocked by an earlier order.

The New York Court of Appeals' ruling squashed a fresh claim against the the California-based mortgage banking company over the failures of loans that served as collateral in the hefty securitization transaction. The high court's...
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