The 11 banks contesting MBIA’s February 2009 restructuring have long said the regulatory process allowing the move was based on outdated and inaccurate financial information. Now, they have evidence.

Plaintiffs in the Article 78 proceeding against MBIA presented the New York State court on Tuesday with independent analysis showing that MBIA’s estimates of future losses on structured-finance guarantees may be short by more than $10 billion.

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