MBIA (MBI) Moves Higher, Judge Refuses to Block BofA (BAC) CEO Moynihan Deposition
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MBIA (NYSE: MBI) continues ripping higher following New York Supreme Court Justice Eileen Bransten refusing to halt a motion by Bank of America (NYSE: BAC) to avoid a deposition by CEO Brian Moynihan in litigation between the two.
In 2008, MBIA sued BofA-owned Countrywide Financial, allleging Countrywide failed to fully disclose the risks inherent in its mortgage-backed securities offering.
BofA said Moynihan didn't have "unique knowledge" of the particular case and that MBIA was "harrasing" the executive.
Shares of MBIA ended Thursday up about 13 percent.
In 2008, MBIA sued BofA-owned Countrywide Financial, allleging Countrywide failed to fully disclose the risks inherent in its mortgage-backed securities offering.
BofA said Moynihan didn't have "unique knowledge" of the particular case and that MBIA was "harrasing" the executive.
Shares of MBIA ended Thursday up about 13 percent.
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