Mbia Inc 8-K, filed Feb 12, 2021
Mbia Inc (MBI)
About this 8-K
Mbia Inc filed this 8-K on February 12, 2021, reporting on events of February 11, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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| Item 8.01. | OTHER EVENTS. |
On February 11, 2021, MBIA Inc. (“the Company”) issued a press release announcing that its wholly-owned subsidiary, MBIA Insurance Corporation (MBIA Corp.) has entered into a settlement agreement resolving the litigation it filed in 2009 against Credit Suisse Securities (USA) LLC and certain affiliated entities. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference to this Item 8.01 as if fully set forth herein.
| Item 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
| 99.1 | MBIA Inc. Press release dated February 11, 2021. | |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MBIA INC. | ||
| By: | /s/Jonathan C. Harris | |
| Jonathan C. Harris | ||
| General Counsel | ||
Date: February 11, 2021
Exhibit 99.1
MBIA Announces Settlement With Credit Suisse
February 11, 2021 06:52 PM Eastern Standard Time
PURCHASE, N.Y.—(BUSINESS WIRE)—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.
Contacts
MBIA Inc.
Greg Diamond, 914-765-3190
Managing Director
Investor and Media Relations
greg.diamond@mbia.com