On April 20 a judge decided that a case seeking to reverse bond insurer MBIA's 2009 transformation into two companies will go to trial on May 14.

MBIA experienced major losses on MBS following the housing bust and it petitioned the New York Insurance Department to allow it to split into two companies. One of the companies focuses on structured finance called MBIA Insurance Corp. and the other insures municipal bonds called National Public Finance Guarantee Corp.

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