Natixis Financial Products Exits New York MBIA Litigation
By Chris Dolmetsch and Shannon D. Harrington - May 8, 2012 10:36 AM ET
Lawyers for Natixis Financial Products LLC, a unit of the Paris-based bank, said in documents filed yesterday in New York state Supreme Court in Manhattan that they were discontinuing the lawsuits with prejudice.
Banks suing over New York’s approval of the bond insurer’s restructuring in 2009 are set to argue their case starting May 14. The case focuses on the decision by the New York Insurance Department and then-Superintendent Eric Dinallo to approve MBIA’s restructuring in which it split its main bond-insurance unit into two businesses.
Rachel Goldman, an attorney with Bracewell & Giuliani LLP who is representing Natixis, declined to comment on the court filings in a telephone interview.
Mitch Karig, a New York-based spokesman for Natixis, the investment-banking and asset-management unit of Groupe BCPE, didn’t immediately respond to voice-mail and e-mail messages seeking comment on the court filings.
The cases are ABN Amro Bank v. Dinallo, 601846-2010, and ABN Amro v. MBIA, 601475/2009, New York state Supreme Court (Manhattan).