-MBIA shares advance after favourable ruling.
Global Banking News-February 7, 2013–MBIA shares advance after
favourable ruling(C)2013 ENPublishing – http://www.enpublishing.co.uk
Global Banking News – 07 February 2013
A court ruling that is expected to help bond insurer, MBIA Inc, in
its long-running legal fight against
Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
has helped the firm’s share prices.
Following the ruling by Judge Jed Rakoff, the company’s share
price increased by 5 percent. The recent ruling, in which he ordered
Flagstar Bancorp to pay bond insurer, Assured Guaranty,
damages over a dispute related to souring mortgage-backed securities, is
similar to the suit that MBIA had been pursuing against Bank of America.
MBIA had sued Bank of America’s Countrywide unit for making
false representations in mortgages that it insured.
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