Shares of three major bond insurance firms with exposure to Puerto Rico fell on Monday after a “60 Minutes” episode aired on Sunday highlighted the extensive damage wreaked on the island by Hurricane Maria. Andrew Gadlin, a research analyst at …
Investors in Puerto Rico’s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack …
Bank of America Corp. has agreed to pay $1.6 billion in cash to MBIA Inc. and will receive the right to buy a 4.9 percent stake in the bond insurer to resolve long-running litigation, the companies said on Monday. Bank …
UBS AG has agreed to settle litigation against MBIA Inc. that challenged the bond insurer’s 2009 restructuring, people familiar with the matter said on Thursday. The UBS settlement calls for credit-default swaps to be commuted in exchange for a cash …
A New York state judge made it easier for the bond insurer MBIA Inc. to pursue its $1.4 billion lawsuit accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently inducing it to insure risky mortgage-backed securities. New York State …
Armonk, N.Y.-based bond insurer MBIA reached a settlement with Morgan Stanley over credit default swaps. Previously, Morgan Stanley had purchased these derivative contracts from MBIA to help protect its commercial mortgage-backed securities. The settlement terminates these contracts Morgan Stanley had …
MBIA Inc. may pursue a lawsuit accusing Bank of America Corp.’s Countrywide Financial unit of fraudulently misleading it about mortgage securities it insured, costing at least $1.4 billion. A New York state appeals court in Manhattan agreed with a lower …
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 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 …
