JPMorgan Says MBIA Didn’t Read Report Insurer Says Was Altered

MBIA Inc. didn’t even read a report the bond insurer says was altered to hide deficiencies in a $1.16 billion pool of mortgages until a week after it agreed to insure the loans, attorneys for JPMorgan Chase & Co. told a New York state judge.

Lawyers for JPMorgan asked state Supreme Court Justice Alan D. Scheinkman in White Plains to throw out a lawsuit filed against the bank by MBIA last year accusing its Bear Stearns unit of inducing the insurer to back the pool by removing information from a report showing underwriting and compliance problems with the loans in the pool.

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