Banks fighting the split of MBIA Insurance Corp. into two companies said they submitted affidavits from four former New York insurance superintendents stating that the N.Y. State Insurance Dept. violated its duty by allowing the insurer to make the move.

Plaintiffs retained former top regulators James Corcoran, Edward Muhl, Gregory Serio and Richard Stewart, all working in private consulting practice today, to dispute the action of then-New York State Superintendent Eric Dinallo in 2009 to allow the carrier to split the company in two.

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