MBIA Says Insurers Owe Defense Costs

Law360 (May 8, 2008, 12:00 AM EDT) -- The world's largest bond insurer, MBIA Inc., has asked a federal court to force two insurers to pay millions in indemnity it claims it incurred defending itself in regulatory investigations and shareholder lawsuits over its alleged concealment of a massive loss in 1998.

The Armonk, N.Y.-based company filed a complaint Wednesday in the U.S. District Court for the Southern District of New York, charging Federal Insurance Co. and ACE American Insurance Co., with which MBIA says it has policies covering up to $30 million in defense...
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