On the first day of a trial in a lawsuit brought by banks to undo bond insurer MBIA’s split into two companies, the judge made clear she wanted the proceedings to focus on legal rather than factual issues.

Bond insurer MBIA experienced major losses on MBS following the housing bust and it petitioned the New York Insurance Department (NYID) to allow it to split into two companies. One of the companies was to focus on insuring municipal bonds.

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