ADVFN - Advanced Financial Network.
HOME» NYSE » B » BAC Stock Price » BAC Stock News

Bank of America Share News

 Bank of America Corp. Stock Price
BAC Stock Price
 Bank of America Corp. Stock Chart
BAC Stock Chart
 Bank of America Corp. Stock News
BAC Stock News
 Bank of America Corp. Company Information
BAC Company Information
 Bank of America Corp. Stock Trades
BAC Stock Trades

CORRECT: BofA, SocGen Meet MBIA In Court, But Start Is More Procedure Than Argument

("BofA, SocGen Meet MBIA In Court, But Start Is More Procedure Than Argument," at 4:20 EDT, misspelled Marc Kasowitz' name in the eighth paragraph. The correct version follows:) By Matthias Rieker Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Lawyers for Bank of America Corp. (BAC), Societe General SA (GLE.FR, SCGLY) and MBIA Inc. (MBI) met in court Monday over the banks' challenge of insurer MBIA's 2009 restructuring that the banks allege threatens the payout of their insurance claims. Eighteen banks initially sued MBIA and New York state insurance regulator, but all but these two banks dropped the litigation, the most recent departure by Morgan Stanley (MS), which settled with MBIA in December. The banks demand a trial, but New York State Supreme Court Justice Barbara Kapnick isn't so sure a trial is warranted--and if it warranted, what form it should take. In the short proceedings Monday she reiterated that position, and told the parties to get ready on Tuesday to present their arguments in hearings. At issue is MBIA's splitting off of its public-finance business, calling it the National Public Finance Guarantee Corp., while the structured-finance guarantees--with all their obligations--remained with MBIA Insurance Corp. That move prompted the banks to sue MBIA and its regulator, alleging the unit they expected to receive payment from is effectively insolvent. "There must be a trial," said the banks' counsel, Robert Giuffra of Sullivan & Cromwell LLP, one of the nation's most dominant law firms representing banks in anything ranging to the largest merges to the most tricky regulatory issues. Giuffra reiterated that MBIA's application to restructure itself in contained errors, and he alleged that the insurance regulator at the time didn't perform a solvency test that would show the new structure could harm insurance customers. "There are dozens of issues of fact" that challenges the application and, for that matter, the approval of the restructuring. New York's insurance regulator has since been folded into a new agency, the New York Department of Financial Services. David Holgado of the New York attorney general's office is counsel for the regulator. He said the banks' allegation contained "various mischaracterizations" and said the court should proceed with hearings but without a trial. Marc Kasowitz of Kasowitz, Benson, Torres & Friedman LLP, representing MBIA, said, "Now is the time for the parties to present their position." MBIA Chief Executive Jay Brown told investors last week, "We are, and have always been, confident that the New York State Insurance Department's approval of our transformation was proper and will be upheld." -By Matthias Rieker, Dow Jones Newswires; 212-416-2471; matthias.rieker@dowjones.com

Stock News for Bank of America (BAC)
DateTimeHeadline
12/02/201618:10:00Morgan Stanley Toughens Pay Hurdles for Brokers
12/02/201609:00:00The New Retirement: Not Retiring
12/01/201616:20:00Wells Fargo Formally Separates Chairman, CEO Roles
12/01/201614:43:00NOTICE TO MERRILL LYNCH CUSTOMERS – Klayman & Tokses, P.A. A...
12/01/201614:40:00Despite Fiduciary Uncertainty, Wells Fargo Details Compliance...
12/01/201609:20:00Brazilian Police Raid Offices of Banco Itaú
12/01/201609:18:00Carrie Ann Inaba To Join Tree Lighting Festivities At Bank Of...
11/30/201615:41:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/30/201614:00:00Merrill Lynch Penalized $7 Million by Regulators
11/30/201613:23:00Regulator Slaps Merrill Lynch With $7 Million Penalty
11/30/201609:00:00Bank of America and (RED) Team Up on World AIDS Day to Help End...
11/30/201606:06:34Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
11/29/201617:20:40Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/29/201617:07:36Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
11/29/201610:08:38Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
11/28/201617:29:10Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/28/201617:15:14Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/28/201616:10:00Theranos Sued for Alleged Fraud by Robertson Stephens Co-Founder...
11/27/201612:40:00Rising Mortgage Rates Are Two-Edged Sword for Banks -- Heard...
11/25/201608:10:00AmEx Raises Its Fee for Late Payment on Credit Cards

Bank of America and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US