MBIA Litigation Tested Limits of State Power to Confront Crisis

, New York Law Journal

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Bond insurer MBIA Inc. has agreed to pay Societe Generale $350 million to settle the bank's lawsuit over the insurer's 2009 restructuring, wrapping up a four-year legal battle that involved 17 other major banks and the New York state government. At its heart, the dispute was over the extent of the state's power to take extraordinary measures in response to the financial crisis, and about judges' power to second-guess those measures.

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