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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2012
Commitments and Contingencies | Note 13: Commitments and Contingencies The following commitments and contingencies provide an update of those discussed in “Note 23: Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 as filed with the SEC on February 29, 2012, and should be read in conjunction with the complete descriptions provided in the aforementioned Form 10-K. Corporate Litigation In re MBIA Inc. Securities Litigation; Case No. 05 CV 03514(LLS) (S.D.N.Y.) In May 2012, the parties reached a settlement agreement in principle to which the plaintiffs will receive $4 million in exchange for the dismissal with prejudice of the litigation. The Company’s insurance carriers have agreed to cover in full the settlement payment. Trustees of the Police and Fire Retirement System of the City of Detroit v. Clapp et al. , No. 08-CV-1515 (S.D.N.Y.) On July 16, 2012, all parties and the Company’s insurance carriers accepted a mediator’s proposal to settle the federal and state CDO-squared related derivative actions. The parties will seek court order approving the settlement reached by the parties. Ambac Bond Insurance Coverage Cases, Coordinated Proceeding Case No. JCCP 4555 (Super. Ct. of Cal., County of San Francisco) On May 1, 2012, the court ruled in favor of the monoline defendants on their special motion to strike pursuant to California’s Anti-SLAPP statute. Discovery will commence relating to Stage 2 of the Anti-SLAPP motion. Tri-City Healthcare District v. Citibank. et al.; Case No. 30-2010-00359692 (Super. Ct. of Cal., County of Orange) On July 20, 2012, the court granted the plaintiff’s motion to further amend its complaint. Recovery Litigation MBIA Insurance Corp. v. Countrywide Home Loans, Inc., et al. ; Index No. 602825/08 (N.Y. Sup. Ct., N.Y. County) On June 27, 2012, the court amended the pre-trial schedule regarding MBIA’s claim as to Bank of America’s successor liability, with summary judgment motions due September 21, 2012. The remainder of the pre-trial schedule regarding Countrywide’s primary liability was also amended with summary judgment motions due August 31, 2012 and argument is set for November 14 to 15, 2012 on the primary liability claims and December 5 to 6, 2012 on the successor liability claims. The coordinated appeal of the court’s ruling on partial summary judgment regarding proof of causation is set for the October 2012 term of the New York State Supreme Court, Appellate Division, First Department. Opening briefs are due August 6, 2012. On July 2, 2012, the parties exchanged rebuttal expert reports on the primary liability issues. On June 25, 2012 and July 31, 2012, respectively, the parties exchanged initial expert reports on successor liability issues. Rebuttal expert reports on successor liability issues were filed/will be filed on July 25, 2012 and August 24, 2012, respectively. MBIA Insurance Corp. v. Residential Funding Company, LLC ; Index No. 603552/2008 (N.Y. Sup. Ct., N.Y. County) The case is currently stayed as a result of the Chapter 11 filing of ResCap on May 14, 2012 in the United States Bankruptcy Court for the Southern District of New York. MBIA Insurance Corp. v. GMAC Mortgage, LLC (f/k/a GMAC Mortgage Corporation); Index No. 600837/2010 (N.Y. Sup. Ct., N.Y. County) The case is currently stayed as a result of the Chapter 11 filing of ResCap on May 14, 2012 in the United States Bankruptcy Court for the Southern District of New York. MBIA Insurance Corp. v. Federal Deposit Insurance Corporation (in its corporate capacity and as conservator and receiver for IndyMac Federal Bank, F.S.B.); Civil Action No. 09-01011 (ABJ) (D.C. Dist.) On June 5, 2012, MBIA Corp. filed its opening appellate brief with the Court of Appeals for the District of Columbia. Transformation Litigation Aurelius Capital Master, Ltd. et al. v. MBIA Inc. et al. ; 09-cv-2242 (R.S.) (S.D.N.Y.) On April 11, 2012, the Aurelius plaintiffs and MBIA filed a Stipulation of Dismissal resolving the litigation and the case has been closed on the court’s docket. ABN AMRO Bank N.V. et al. v. Eric Dinallo et al. ; Index no. 601846/09 (N.Y. Sup. Ct., N.Y. County) The Article 78 hearing concluded on June 7, 2012. A decision is pending. The Company is defending against the aforementioned actions in which it is a defendant and expects ultimately to prevail on the merits. There is no assurance, however, that the Company will prevail in these actions. Adverse rulings in these actions could have a material adverse effect on the Company’s ability to implement its strategy and on its business, results of operations, cash flows and financial condition. At this stage of the litigation, there has not been a determination as to the amount, if any, of damages. Accordingly, the Company is not able to estimate any amount of loss or range of loss. There are no other material lawsuits pending or, to the knowledge of the Company, threatened, to which the Company or any of its subsidiaries is a party.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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