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Manhattan Supreme Court Justice Shirley Kornreich has dismissed a fraud claim in a $296 million suit brought against Credit Suisse by insurer MBIA. MBIA sued Credit Suisse for allegedly failing to adhere to its own underwriting standards for the mortgage-backed securities that MBIA insured. Justice Kornreich initially refused to dismiss the suit. But in April she ruled for Credit Suisse in a similar suit brought by Ambac, and she said she planned to reconsider her decision in the MBIA case. On Wednesday, she handed down her new ruling, MBIA Insurance Corporation v. Credit Suisse Securities (USA) LLC, 603751/2009, this time granting partial summary judgment for Credit Suisse on MBIA’s fraud claim and striking MBIA’s request for punitive and consequential damages.

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