Kasowitz Benson Torres & Friedman LLP is opening a Washington office with the hire of Clarine Nardi Riddle, former chief of staff to retired U.S. Senator Joseph Lieberman, who joined Kasowitz Benson last week as senior counsel in New York.
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.
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.
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.
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.
Fairfield Greenwich Group, the hedge fund that steered $7 billion to Bernard Madoff, faces new claims of fraud by investors who previously alleged negligence against co-founders Walter Noel, Jeffrey Tucker and Andres Piedrahita.