BofA’s Countrywide Asks Appeals Court to Undo MBIA Ruling
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Bank of America Corp. asked a New York appeals court to overturn portions of a lower-court ruling that improved bond insurer MBIA Inc.’s chances of recovering losses on mortgage loans.
Lawyers for the bank’s Countrywide unit argued yesterday in Manhattan that State Supreme Court Justice Eileen Bransten was wrong when she ruled last year that MBIA doesn’t need to establish a “direct causal link” between misrepresentations about the loans and claims payments made by the insurer.