Kasowitz, Benson, Torres & Friedman guided MBIA Inc. through many of its legal battles stemming from the financial crisis. Can the firm now help MBIA recoup millions of dollars in legal fees from its insurers?
MBIA sued a trio of insurers—Certain Underwriters at Lloyd’s of London, Lexington Insurance Company, and Wirrtembergische Versicherung AG—on Friday in U.S. district court in Manhattan. The complaint, filed by Kasowitz Benson’s Robin Cohen. alleges that the insurers are liable for breach of contract because they’ve refused to cover legal costs incurred by MBIA in recent years, including “tens of millions of dollars” spent in a high-profile court fight over MBIA’s 2009 restructuring.
