David Holgado, senior enforcement counsel at the New York Attorney General’s Office, yesterday opened the state’s defense against Bank of America Corp. and Societe General SA’s lawsuit challenging the approval of bond insurer MBIA’s restructuring, arguing that the banks had painted a distorted picture of the events leading up to the approval.
The Article 78 action, ABN Amro Bank v. Dinallo, 601846/09, is seeking to undo the approval of the transaction. It names as defendants former Superintendent of Insurance Eric Dinallo, now a partner at Debevoise & Plimpton, and the state’s Department of Insurance, now part of its Department of Financial Services.
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