Last April, Manhattan Supreme Court Justice Bernard Fried dismissed MBIA’s fraud claims against Merrill Lynch in a case involving collateralized debt obligations (CDOs). MBIA complained it was on the hook for hundreds of millions of dollars in losses because it insured Merrill securities backed by deficient collateral.
However, Justice Fried spared a breach of contract claim alleging that the CDOs MBIA insured were not qualified for the AAA ratings they received. Now a state appellate court has thrown out that claim as well.
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