Private equity investor Lynn Tilton is stepping down as collateral manager of all her credit funds, totaling more than $2 billion, after years of litigation with New York bond insurer MBIA.
Credit Suisse has withheld many key documents from MBIA in a lawsuit accusing the bank of lying about how it processed loans used in mortgage-backed securities, and it should be ordered to review whether it has more evidence suggesting misconduct, the bond insurer said.
MBIA, the bond insurer that reached a $1.7bn settlement with Bank of America this week, will pay $350m Societe Generale to resolve litigation, a person familiar with the matter said.
Zeb Eckert reports on Tuesday's top headlines.
The R's midfield is one area where they have several excellent players fighting for places, and working out the best combination of them for this fixture could set up a first win in the league this season.
Morgan Stanley has announced a comprehensive settlement with MBIA that better positions the firm for Basel III by resolving outstanding legacy exposures and releases capital to reinvest in its client-focused businesses.