MBIA Inc. Class Action Dismissed

Manhattan, NY: (Feb-14-07) Shareholders tried to file a class action lawsuit against the insurer for securities fraud. The lawsuit was filed in the US District Court of Manhattan and claimed MBIA and six former or current executives over alleged financial misstatements as a result of its treatment of certain reinsurance agreements in 1998. The lawsuit had sought class action status for purchasers of MBIA securities between August 5, 2003, and March 30, 2005. US District Judge Louis Stanton dismissed the consolidated complaint, noting the claims were barred by the statute of limitations. [BUSINESS WEEK: MBIA DISMISSED]