NU Online News Service, Jan. 12, 2:29 p.m. EDT

A New York state appeals court threw out a suit brought by a number of banks against bond insurer MBIA over the company's plan to split its mortgage-backed securities exposure into a separate company.

In a 3-2 decision yesterday, the Appellate Division of the New York State Supreme Court reversed a lower court's ruling that allowed a group of at least 20 banks to sue Armonk, N.Y.-based MBIA over its transformation plan.

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