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A group of banks seeking to prevent guaranty insurer MBIA Insurance Corp. from splitting into two companies says the company underestimated its losses by as much as $10 billion to the N.Y. State  Insurance Dept.

In papers filed with the Supreme Court of the State of New York in New York City this week, the 11 financial institutions that hold insurance policies covering collateralized debt obligations allege that the underestimated losses were revealed during an analysis by BlackRock Solutions.

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