Claims Brought Against Merrill Lynch by Monoline Insurer Dismissed

Skadden represented Merrill Lynch in the dismissal of claims brought in New York State Supreme Court by MBIA Inc. alleging that Merrill fraudulently misrepresented the quality of approximately $5.7 billion of CDOs. Skadden previously had secured the dismissal and appellate affirmance in connection with these claims. On July 11, with a motion to amend the complaint and a motion for leave to appeal to the Court of Appeals pending, the action was voluntarily dismissed.