BofA (BAC) and Societe Generale (SCGLF.PK) have appealed a judge's denial of a lawsuit in which...

BofA (BAC) and Societe Generale (SCGLF.PK) have appealed a judge's denial of a lawsuit in which they sought to reverse regulatory approval of MBIA's (MBI) restructuring in 2009. The bank's argue that overhaul harmed them as policy holders, and that the authorization "was arbitrary and capricious and an abuse of discretion."

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Comments (6)
  • SMQ
    , contributor
    Comments (21) | Send Message
    all these law suits have the smell of greed. we need to move forward and the law suit against boa has no merit .
    29 Mar 2013, 11:03 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11339) | Send Message
    BAC simply won't give up.
    29 Mar 2013, 12:40 PM Reply Like
  • irongate
    , contributor
    Comments (96) | Send Message
    no merit? BofA presented fraudulent mortgages to MBIA to insure. This is a FACT. And BofA's defense is that MBIA (as an institution) should have known that they were fraudulent. you say the smell of greed? how about the greed of BofA to collect mortgage fees by giving out mortgages to people that could never pay them back.... and then try to obtain insurance on them so that they could off-load them
    29 Mar 2013, 01:36 PM Reply Like
  • masonkelsey
    , contributor
    Comments (17) | Send Message
    The LIBOR lawsuit was also dismissed against BofA today. The LIBOR lawsuit was actually more important than the appeal today. Expect a pop for BAC on Monday. Next week should be a good day. And the stock should be on an upward track from now until beyond April 17th, when BofA announces its first quarter earnings. Should be good.
    29 Mar 2013, 07:44 PM Reply Like
  • benitus
    , contributor
    Comments (3473) | Send Message
    mason....I hope you're right. Otherwise, I should be making more purchases again.
    29 Mar 2013, 08:27 PM Reply Like
  • Nikhil Kumar
    , contributor
    Comments (7) | Send Message
    Moynihan at BAC should take Bruce Berkowitz's recommendation and settle with MBI. No need to give money to lawyers for a lost cause. Practically everyone else has settled with MBI except these two companies.
    30 Mar 2013, 01:27 AM Reply Like
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