By David McLaughlin – Jan 10, 2012 5:37 PM GMT+0000

MBIA Inc. and BNP Paribas (BNP) settled litigation challenging the bond insurer’s restructuring, according to the New York Department of Financial Services.

Paris-based BNP will withdraw from two lawsuits in New York State Supreme Court in Manhattan, David Neustadt, a spokesman for the department, said in a telephone interview today.

A group of financial institutions sued Armonk, New York- based, MBIA in 2009, claiming the bond insurer’s restructuring, which was approved by New York’s insurance department, left MBIA undercapitalized and possibly unable to pay future claims.

Pascal Henisse, a spokesman for BNP, and Marc Kasowitz, an attorney for MBIA, didn’t immediately respond to e-mails seeking comment on the settlement.

The cases are ABN Amro Bank NV v. MBIA Inc. (MBI), 601475-2009, and ABN Amro Bank NV v. Dinallo, 601846-2009, New York state Supreme Court (Manhattan).

About the Author

A truth sayer of the higher caliber fighting the highest levels of the conspiratorial power governing the World today. Also exposing how to regain health through real knowledge of herbalism, acupuncture, Chiropracting, diet system and Qigong.

Leave a Reply