NU Online News Service, Feb. 2, 2:17 p.m. EST
A New York appeals court has thrown out a suit from bond insurer MBIA against Merrill Lynch, saying that sophisticated business entities should have understood what they were getting into.
On Tuesday, the New York State Appellate Court in Manhattan rejected a suit from MBIA against Merrill Lynch that accused the bank of fraudulently representing $5.7 billion in risk debt that MBIA insured.
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