Bank of America Corp.'s effort with Societe Generale SA to reverse New York's approval of MBIA Inc.'s 2009 restructuring is being considered by a judge after the conclusion of a four-week trial over the transaction, Bloomberg News reported yesterday. New York State Supreme Court Justice Barbara Kapnick heard final arguments from the banks yesterday, capping a hearing that began last month over the decision by former New York Insurance Department Superintendent Eric Dinallo to approve the bond insurer's restructuring. Kapnick is considering claims by the banks that the state’s approval was based on inaccurate and incomplete information and should be annulled under state insurance laws. Lawyers for banks argued during the trial that the approval was done in secret and based on a rushed, flawed analysis.
