Investors Try To Undo Dismissal Of MBIA Fraud Suit

Law360, New York (October 24, 2008, 12:00 AM EDT) -- MBIA Inc.’s vehement opposition to fraud charges in a 2002 report on reinsurance agreements struck by the bond insurer, as well as the mere announcement that the U.S. Securities and Exchange Commission was investigating the transactions, were not enough to alert investors to wrongdoing, plaintiffs argued Friday before a federal appeals court.

The district court was wrong to excuse the securities class action complaint on the grounds that the statute of limitations had expired, an attorney for the plaintiffs told the U.S. Court of Appeals for...
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