A group of financial institutions that are counterparties with MBIA Insurance Corp. yesterday met with officials from the New York Insurance Department to lodge complaints over MBIA’s recent restructuring.

Under the restructuring plan, MBIA split off its public finance book by ceding its portfolio to MBIA Insurance Corp. of Illinois and adding additional capital. Many had said after the move that it would draw the ire of all of MBIA’s other policyholders and counterparties — such as those with credit-default swaps on structured finance products — that were left behind in MBIA Insurance with the remaining book of business.

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