Lynn Tilton, the owner of the private equity firm Patriarch Partners, can breathe easier knowing that MBIA Inc.’s $100 million breach of contract lawsuit against her has finally come to a close.
In a hefty 156-page ruling, MBIA Insurance v. Patriarch Partners VIII, 09 Civ. 3255, issued on Monday, Southern District Judge Robert Sweet (See Profile) in Manhattan ruled that Patriarch didn’t violate an agreement to help MBIA repair collateralized debt obligations (CDOs) it insured. Sweet’s ruling follows a bench trial that pitted a Brune & Richard team led by Hillary Richard against MBIA’s lawyers at Bingham McCutchen.
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