MBIA Announces Settlement With Credit Suisse

MBIA Inc. (NYSE: MBI) announced a settlement with Credit Suisse Securities (USA) LLC, concluding a litigation that began in 2009.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Tags

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

02/11/2021 - 06:52 PM EST

MBIA Inc. (NYSE: MBI) (the Company) today announced that its wholly-owned subsidiary, MBIA Insurance Corporation (MBIA Corp.) has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse Securities (USA) LLC and certain affiliated entities. The settlement followed a post-trial decision by the Court awarding MBIA Corp. approximately $604mm in damages, and pursuant to the settlement Credit Suisse has paid MBIA Corp. $600mm. This amount materially exceeds the amount of recovery recorded in the Company’s Q3 2020 financial statements. Following the agreement to settle the case, the Court dismissed the action.

MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com.