Marc Kasowitz News
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Goldman Sachs Group Inc. won dismissal of bond insurer ACA Financial Guaranty Corp.’s fraud lawsuit over a collateralized debt obligation known as Abacus.
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MBIA Inc. is no longer considered by credit-derivatives traders to be in distress after Bank of America Corp. agreed to a legal settlement that injects $1.6 billion of cash into the bond insurer and resolves five years of litigation stemming from the U.S. housing crisis.
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MBIA Inc.’s 2009 restructuring was approved by New York regulators because it protected all policyholders, including the banks challenging the decision, a lawyer for the bond insurer told a trial judge.
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UBS AG won dismissal of a lawsuit brought by Loreley Financing entities, which sued the Swiss bank to recover $331 million in losses on collateralized debt obligations.
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MBIA Inc. hid potential losses of as much as $950 million on commercial real estate debt as it sought New York regulators’ approval to restructure its insurance business in 2008, banks including Bank of America Corp. and UBS AG claimed in court papers.
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A lawyer for MBIA Inc. finished his opening statement in a trial over the bond insurer’s 2009 restructuring after two days, saying the transaction was properly approved by New York state regulators.
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Bank of America Corp.’s effort with Societe Generale SA to reverse New York’s approval of MBIA Inc.’s 2009 restructuring is being considered by a judge after the conclusion of a four-week trial over the transaction.
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Paulson & Co. can be added as a defendant in ACA Financial Guaranty Corp.’s lawsuit against Goldman Sachs Group Inc. over the collateralized debt obligation known as Abacus, a judge ruled.
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Dow Chemical Co., the largest U.S. chemical maker by sales, said an arbitration panel ruled Kuwait must pay $2.16 billion in damages because it canceled a 2008 agreement to buy a stake in the company’s plastics business.
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New York’s highest court was asked by Bank of America Corp. , UBS AG and other institutions to reinstate their lawsuit claiming that bond insurer MBIA Inc.’s 2009 restructuring was intended to defraud policyholders.
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