MBIA Inc., the largest bond insurer, will split its municipal bond insurance business from the mortgage-related debt guarantees that led to the loss of its top credit ratings. The shares surged 30 percent.
Morgan Stanley can’t ask a court in Singapore to block shareholders living in that country from suing over their losses on $154.7 million in synthetic collateralized debt obligations, a judge in New York ruled.
William Bryan Jennings, the Morgan Stanley U.S. bond-underwriting chief accused of stabbing a New York cab driver of Middle Eastern descent over a fare, pleaded not guilty to assault and hate-crime charges.
Bank of America Corp. may face billions of dollars more in liability for faulty mortgages if a judge agrees with insurer MBIA Inc. that the lender must buy back loans even if the errors didn’t cause a borrower’s default.
MBIA Inc. defeated a lawsuit by Bank of America Corp. and Societe Generale SA that sought to reverse approval of the bond insurer’s $5 billion asset-transfer because it cut money available to cover their policy claims.