MBIA INC. v. FEDERAL INS. CO.

Docket Nos. 10-0355-cv (L); 10-0386-cv (con); 10-0356-cv (XAP).

652 F.3d 152 (2011)

MBIA INC., Plaintiff-Appellee-Cross-Appellant, v. FEDERAL INSURANCE COMPANY and Ace American Insurance Company, Defendants-Appellants-Cross-Appellees.

United States Court of Appeals, Second Circuit.

Decided: July 1, 2011.


Attorney(s) appearing for the Case

Robert H. Shulman, Kasowitz, Benson, Torres & Friedman LLP,* New York, NY, for Plaintiff-Appellee-Cross-Appellant.

Christopher T. Handman ( David J. Hensler and Jessica L. Ellsworth, on the brief), Hogan Lovells U.S. LLP, Washington, DC, for Defendant-Appellant-Cross-Appellee Federal Insurance Co.

Alan J. Joaquin ( Janet R. McFadden, on the brief), Drinker Biddle & Reath LLP, Washington, DC, for Defendant-Appellant-Cross-Appellee ACE American Insurance Co.

Before: SACK, LYNCH, Circuit Judges, and PRESKA, Chief District Judge.


LORETTA A. PRESKA, Chief District Judge:

This insurance coverage dispute raises three issues arising out of financial regulators' investigations into alleged accounting misstatements by appellee and cross-appellant MBIA, Inc., ("MBIA") and related litigation. Based on these events, MBIA made claims under two $15 million director and officer ("D & O") insurance policies it had purchased from appellants and cross-appellees Federal Insurance Co.

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