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Litigation involving MBIA has been keeping investors on edge for four years now, as the bond insurer wages war with the banks whose financial products it insured in the run-up to the economic crisis. It's also generated some wrenching reversals of fortune for the lead lawyers battling over MBIA's 2009 restructuring, which the banks say allowed the company to shirk its obligations to structured finance policyholders.
Will the inflammatory allegations spur big investors who bought ill-fated CDOs to take action against Goldman and others?
Cite as: Glacken v. The Incorporated Village Of Freeport, 09-4832, NYLJ 1202473146755, at *1 (Ed NY, Decided October 06, 2010)District Judge Denis R. Hurley
The plaintiffs lawyers' shareholder suit over last year's leveraged buyout of Del Monte Corporation finally ended Thursday with Del Monte and Barclays agreeing to a combined $89.4 million settlement. But Grant said the case will also have a lasting change on the way big deals are financed.
Bush Official Apologizes for Slap at Guantanamo Detainees' Lawyers
A Department of Defense lawyer apologized Wednesday for his comments suggesting that corporations boycott law firms that represent detainees at the Guantanamo Bay detention facility. In a letter to The Washington Post, Charles Cully Stimson said the comments, made during a radio interview, "do not reflect my core beliefs." His apology came two days after the Pentagon disavowed his statements, saying they did not represent Defense Department views. The remarks had touched off a salvo of criticism.Defendant Microsoft Corporation's Position as to Future Proceedings on the Issue of Remedy
Insurance Department`s Rules On `Preferred Repairers` Barred
ALBANY The Court of Appeals yesterday shot down a New York State Department of Insurance regulation prohibiting insurers from steering policyholders to specific auto repair shops. But in holding that the regulation is not authorized by statute, the Court found no need to resolve a commercial speech issue.After months of cutting quiet deals with banks in the high-stakes Manhattan state court litigation challenging its 2009 restructuring, MBIA Inc. reached a major settlement with Morgan Stanley on Tuesday. But for some of MBIA's Wall Street adversaries, the notion that MBIA had to rely on a loan to fund part of the settlement vindicates their claims that the insurer's restructuring was a fraud.
Departing Pentagon GC Johnson Expected to Rejoin Paul Weiss
Jeh Johnson, the general counsel for the U.S. Department of Defense, has announced that he is stepping down from that post at the end of the year. During his time at the agency, Johnson authored a report that paved the way for the repeal of the "Don't Ask, Don't Tell" policy, and was instrumental in the Obama administration's handling of military commission trials at Guantanamo Bay.Trending Stories
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