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A group of banks contesting the 2009 split of bond insurer MBIA into two entities is accusing the New York State Insurance Department of having relied on “inaccurate, outdated and incomplete financial data” provided by MBIA when it approved the restructuring. In court papers filed yesterday in ABN Amro Bank NV v. Dinallo, 601846/09, the banks, which include Bank of America and Wachovia, (now Wells Fargo), said the department failed to retain an independent financial expert to review the insurer’s “complex structured-finance portfolio.”

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