Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Friday, March 29, 2024 | Back issues
Courthouse News Service Courthouse News Service

MBIA Accused of $5 Billion Shenanigans

WILMINGTON, Del. (CN) - MBIA Insurance Corp. stripped itself of $5 billion in cash and unearned premiums and sent it all to co-defendant MBIA Insurance Corp. of Illinois for no consideration, defrauding noteholders and leaving them with only toxic paper, the Third Avenue Trust claims in Chancery Court. The Trust says it holds notes that should be worth $400 million.

The plaintiff is represented by Gregory William with Richards, Layton & Finger.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...