New York high court dismisses case against bond insurer

[JURIST] The New York Court of Appeals [official website] on Tuesday dismissed [opinion] a lawsuit against bond insurance company MBIA [corporate website] alleging breach of contract brought by several of the world’s largest financial institutions. The lawsuit challenged the break-up of MBIA into two separate lines of bond insurance. MBIA, historically the largest guarantee insurer of municipal bonds and other public entity securities, sought to separate its municipal bond obligations from its structured finance obligations, including mortgage-backed securities and collateralized…