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home / news releases / MBI - MBIA Announces Settlement With Credit Suisse

MBI - MBIA Announces Settlement With Credit Suisse

MBIA Inc.

MBIA Inc. (NYSE: MBI) (the Company) today announced that its wholly-owned subsidiary, MBIA Insurance Corporation (MBIA Corp.) has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse Securities (USA) LLC and certain affiliated entities. The settlement followed a post-trial decision by the Court awarding MBIA Corp. approximately $604mm in damages, and pursuant to the settlement Credit Suisse has paid MBIA Corp. $600mm. This amount materially exceeds the amount of recovery recorded in the Company’s Q3 2020 financial statements. Following the agreement to settle the case, the Court dismissed the action.

MBIA Inc., headquartered in Purchase, New York, is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20210211005965/en/

MBIA Inc.
Greg Diamond, 914-765-3190
Managing Director
Investor and Media Relations
greg.diamond@mbia.com

Stock Information
Company Name: MBIA Inc.
Stock Symbol: MBI
Market: NYSE
Website: mbia.com
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