In a brief made public April 9, policyholders said bond insurer MBIA concealed from former New York Superintendent of Insurance Eric Dinallo independent reports it commissioned from Lehman Brothers and FSI Capital projecting billions in losses when it sought approval for its 2009 restructuring.
The brief was first filed under seal on March 16 in MBIA v. Dinallo, 601846/09, an Article 78 proceeding brought by 18 banks against the state Department of Insurance, now part of the Department of Financial Services, which approved MBIA’s restructuring. The banks are seeking to reverse the approval and undo the transaction. Of the 18 original plaintiffs, all but threeBank of America Corp., Natixis SA and Societe Generalehave settled.
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