Manhattan Supreme Court Justice Barbara Kapnick (See Profile) wrapped up on June 7 a four-week proceeding to resolve the long-running lawsuit by Bank of America Corp. and Societe General SA challenging the approval of bond insurer MBIA’s restructuring in 2009. Although the banks had asked for a full trial, Kapnick heard only oral arguments from the attorneys, with no live testimony. Sullivan & Cromwell partners Robert Giuffra and Michael Steinberg argued for the banks. David Holgado, senior enforcement counsel at the New York Attorney General’s Office, argued for the state. Marc Kasowitz of Kasowitz Benson Torres & Friedman argued for MBIA.
Kapnick said that it would be “a while” before she reached a decision. She said that though “it would be nice” if she could focus entirely on the case for “six weeks or something,” she would need to attend to other matters, suggesting it would take longer than that.
