MBIA Wins Dismissal of Bank Suit Over Restructuring
Bloomberg, Jan. 12, 2011
January 11, 2011 at 07:00 PM
1 minute read
The original version of this story was published on Law.com
Jan. 11 (Bloomberg) — MBIA Inc. won dismissal of a lawsuit by banks including UBS AG and Bank of America Corp. that claimed the bond insurer's restructuring was intended to defraud policyholders. MBIA climbed to the highest since September 2008.
MBIA rose $1.25, or 10 percent, to $13.53 as of 4:15 p.m. in New York Stock Exchange composite trading after a New York state appeals court threw out the complaint challenging the 2009 split of the Armonk, New York-based company. The shares earlier climbed as much as 22 percent. The decision will be appealed to the New York Court of Appeals in Albany.
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