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MBIA Restructuring Approval Protects Policyholders, Lawyer Says

May 24 (Bloomberg) -- MBIA Inc.’s 2009 restructuring was approved by New York regulators because it protected all policyholders, lawyers for the bond insurer said.

Banks suing MBIA can’t prove the approval was “arbitrary and capricious,” the lawyers said at a trial in New York.

Link to Company News:{MBI US <Equity> CN <GO>}

To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net

To contact the editor responsible for this story: Mary Romano at mromano6@bloomberg.net

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