Sector developments and company hires

MBIA litigation settled
MBIA Insurance Corporation has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse and certain affiliated entities (SCI passim). The settlement follows a post-trial decision by the Court awarding MBIA Corp approximately US$604m in damages and, pursuant to the settlement, Credit Suisse has paid MBIA Corp US$600m.

This amount materially exceeds the amount of recovery recorded in the company’s 3Q20 financial statements. Following the agreement to settle the case, the Court dismissed the action.

North America
DLA Piper has hired Jay Williams as a partner in its structured finance practice, based in New York. Williams represents issuers, underwriters, investors and other market participants in a wide variety of structured finance transactions, including CLOs and synthetic securitisations. He joins DLA Piper from Schulte Roth & Zabel.