NU Online News Service, April 24, 10:36 a.m. EDT
After close to three years of legal wrangling, MBIA and a group of banks will finally fight it out in court come May 14 after a New York State judge set a date for trial.
On Friday, New York Supreme Court Justice Barbara R. Kapnick set May 14 as the date for trial between MBIA and a group of banks that are in dispute over splitting the company in two more than three years ago. The plaintiffs claim the company's separation was illegal and the company lacks the reserves to cover losses of structured financial instruments the banks own and insured with MBIA.
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