|
|
Article: MBIA Files Lawsuit against Merrill Lynch; Company Seeks Rescission and Damages for Misrepresentation and Breach of Contract in Connection with $5.7 Billion of Credit Default Swap Contracts.
- Article from:
- Business Wire
- Article date:
- April 30, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
ARMONK, N.Y. -- MBIA Inc. (NYSE: MBI) today announced that its insurance subsidiary, MBIA Insurance Corporation ("MBIA"), and LaCrosse Financial Products, LLC ("LaCrosse") have filed a lawsuit in the Supreme Court of the State of New York against Merrill Lynch, Pierce, Fenner and Smith Inc., and Merrill Lynch International (collectively "Merrill Lynch"). The lawsuit seeks the rescission of certain credit default swap contracts ("CDS Contracts") and related insurance policies issued to Merrill Lynch as well as damages resulting from Merrill Lynch's misrepresentations and breaches of contract in connection with MBIA's $5.7 billion in gross exposure to a series of structured ...
Related newspaper, magazine, and journal articles:
|
|
Article: Bond Insurers: MBIA's Triple-A Safe Despite CDO Exposure, ...
The Bond Buyer;
April 2, 2003 ;
700+ words
...MBIA Insurance Corp.'s triple ... default swaps, according to a Merrill Lynch & Co. report released ... problems, we think the MBIA guarantee will remain strong ... author of the report. The Merrill Lynch report followed a negative ...
|
|