New York’s highest court Tuesday revived a lawsuit by several large banks challenging bond insurer MBIA Inc.’s 2009 restructuring, which they complained was unfair to policyholders. MBIA shares fell as much as 7.1 percent. The restructuring, approved by New York’s …
A judge granted preliminary approval for Ambac Financial Group Inc., insurers and some banks to pay $33 million to investors to settle litigation accusing the bond insurer of hiding the risks it took on by guaranteeing risky mortgage debt. In …
A federal appeals court on Monday gave new life to a shareholder lawsuit accusing MBIA Inc of securities fraud over a reinsurance transaction that caused the bond insurer to restate six years of results. The 2nd U.S. Circuit Court of …
Ambac Financial Group won a court ruling allowing it to overhaul its insurance unit, a decision that its bankrupt parent greeted as a ‘gigantic step” forward. The plan, which a Wisconsin state judge approved, allows the Ambac Assurance Corp. unit …
A New York state appeals court Tuesday dismissed a lawsuit in which bond insurer MBIA Inc. accused Merrill Lynch & Co. of fraudulently misleading it into providing insurance on $5.7 billion of risky debt. The ruling is a setback for …
