Insurers Can't Replead Case Over $2B In MBS: Judge

By Lana Birbrair (February 28, 2012, 9:07 PM EST) -- A New York state judge on Tuesday dismissed two insurers from a mortgage-backed securities suit over $1.8 billion in loans issued by Greenpoint Mortgage Funding Inc., finding the insurers couldn't sue the mortgage originator again once its original claims were found to be without merit.

Judge Bernard J. Fried found Syncora Guarantee Inc. and CIFG Assurance North America Inc., who had first been dismissed from the U.S. Bank NA-led suit in March 2010, were barred from bringing an essentially new case based on facts and claims that had already been dismissed.

"We are very pleased with the ruling dismissing Syncora and...

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