NU Online News Service, June 29, 2:49 p.m. EDT
The New York Court of Appeals ruled that a group of banks can go ahead with their lawsuit against MBIA, which questions the validity of the break-up of the insurer.
In a 5-2 vote, the court ruled in the case (No. 124 ABN AMRO Bank, N.V. / Barclays Bank PLC v. MBIA Inc.) that the banks can pursue their claim that the split of MBIA into two companies left the bank policyholders with an insolvent company that would be unable to pay claims.
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