A state judge in Manhattan yesterday rejected a bid by Bank of America Corp. and Societe Generale SA to undo the 2009 restructuring of bond insurer MBIA Inc., which the banks claim illegally transferred $5 billion in assets from MBIA’s structured finance insurance business to its municipal bond insurance business.
Supreme Court Justice Barbara Kapnick (See Profile) ruled in ABN Amro Bank v. Dinallo, 601846/09, that there is no basis for overturning the decision by the New York Insurance Department, which has since been merged into the Department of Financial Services, to approve the restructuring. The decision comes almost nine months after the conclusion of a three-week-long oral argument, which capped off nearly three years of voluminous discovery and briefings (NYLJ, June 11, 2012).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
