NU Online News Service, March 15, 2:47 p.m. EST
Banks fighting the split of MBIA into two companies said they submitted affidavits from four former New York insurance superintendents stating that the department violated its duty by allowing the insurer to make the move.
James Corcoran, Edward Muhl, Gregory Serio and Richard Stewart, all working in private consulting practice today, were retained by the plaintiffs to dispute the action of New York State Superintendent Eric Dinallo in 2009 to allow the carrier to split the company in two.
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