Filed Under:Carrier Innovations, Regulation/Legislation

HSBC, Morgan Stanley Exit MBIA Litigation

Update: 3:35 p.m. EST

NU Online News Service, Dec. 13, 2:43 p.m. EST

Financial institutions Morgan Stanley and HSBC reached an agreement with guaranty insurer MBIA to withdraw from their legal challenges and go their separate ways, leaving five firms to battle it out over the insurer’s restructuring and accusations the banks fraudulently secured insurance coverage.

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